Can Do Performance Financing Program now open

By Staff Report, posted Jan 17, 2025 on BizFayetteville.com

The Community Development Foundation (CDF) is partnering with FCEDC to launch the Can Do Performance Financing Program.

The program was designed to address the barriers to capital that have impeded the creation of sustainable businesses within Fayetteville’s low- to moderate-income census tracts, especially those that are minority and woman-owned. The program offers financing that may be partially or fully forgivable if certain terms are met. The $5 million Can Do Performance Financing Program is launching with $2,500,000 provided by the State of North Carolina and $2,500,000 from the City of Fayetteville. If successful, the program hopes to expand in the future.

Participating companies must agree to create new full-time jobs, paying a wage above the local average for the position hired. A business can receive up to $25,000 per job created and no more than $750,000 per project. Funds received from the Can Do Performance Financing Program are intended to support capital investment that fuels job creation. Potential uses include the purchasing of equipment, technology, machinery or vehicles. Expanding or improving a business’s facilities and acquiring real estate are also eligible expenses, provided the property is used for the business.

Businesses can visit www.CanDoCarolinaFund.com to learn more about the program and express their interest. A member of the FCEDC team will help the company develop their customized funding request. Following a review by the Can Do Program Committee, approved applications will be presented to City Council and formally awarded at a public hearing. Inquiries will be accepted on an ongoing basis, with initial disbursements estimated for March-April 2025.

Conceived to support the development of a diverse supplier base, from which local governments and institutions can procure goods and services, priority will be given to minority, woman, and veteran owned business with a high likelihood of doing business with: the City of Fayetteville, Cumberland County, Cape Fear Valley Health, Cumberland County Schools, Fayetteville PWC, FTCC, FSU, Methodist University, the Veterans Administration, or the Department of Defense. Companies in the aerospace, technology, cybersecurity, and defense industries will receive additional consideration.

Things to know before a business applies:

Operations must be located within a Qualifying Census Tract (QCT). Follow this link to determine if an address is eligible.
The business must have 15 or fewer employees
Agree to create at least 5 full-time positions
Half the agreed-upon jobs will be created within 18 months of receiving funding
The remaining agreed-upon jobs will be created within 5 years of receiving the funds
Businesses must hire at least 60% of their positions from low- to moderate-income households, OR the business must be majority-owned by residents living in a low- to moderate-income census tract.
If the business falls short of its job creation requirements, repayment will be prorated based on the number of jobs that were not. For example, if a business received $125,000, which equates to five jobs, and only three were created, then $50,000 of the $125,000 loan must be repaid.

As part of the approval process, participating companies are required to enter into a binding legal agreement that includes performance requirements, the sharing of certain financial data, recapture provisions, and commitments to participate in meetings with the CDF and business support partners.

For questions or more information about the program, you may also contact the FCEDC Staff at 910-500-6464 or email candofunding@fcedc.com.

Copyright © 2025 Enhanced Media Management Inc. dba Greater Fayetteville Business Journal
This story may be displayed, reformatted and printed for your personal, noncommercial use only and in accordance with our Terms of Service located at https://bizfayetteville.com/useragreement.