About this programme
The Grow NCC Fund is a lending program created through a partnership between New Castle County Council, Capital One (formerly Discover), and The Grow America Fund. It exists to help established local businesses finance expansion with longer loan terms and below-market interest rates.
The pitch is straightforward: businesses stretch their cash flow and save money through lower monthly payments than they'd get from a conventional commercial loan, while New Castle County's Office of Economic Development administers the program on the ground.
How it works
A business can borrow up to $1,000,000, subject to underwriting and fund availability. The interest rate is set by market conditions at the time of application but is typically below market rate.
Repayment period depends on what the loan funds: 10 years for machinery and equipment, 25 years for real estate acquisition or renovation, and the life of the lease for tenant improvements.
There is no application fee, but borrowers put down a 1% deposit at commitment to cover appraisal and legal costs, plus an SBA guarantee fee of 2-3%. All closing costs can be financed into the loan itself.
Owners with more than a 20% stake must provide personal guarantees, and the loan is secured by available collateral; real estate loans offer flexible loan-to-value ratios. Borrowers must attend annual meetings and submit financial statements and tax returns each year.
Who can apply
The business must be established, operating for at least 2 full years, and located in New Castle County.
It must employ 10 to 500 full-time employees, subject to SBA size standards for its industry.
Real estate investment or development projects and financing entities are not eligible.
How to apply
- Contact the GROW NCC Fund through the New Castle County Office of Economic Development at 302-395-5969 to start the process.
Frequently asked
How much can my business borrow?
Up to $1,000,000, subject to underwriting and how much fund capacity is available at the time.
What can the loan be used for, and does that affect the term?
Yes. Machinery and equipment loans run 10 years, real estate acquisition or renovation loans run 25 years, and tenant improvement loans run for the life of the lease.
Are there fees beyond interest?
There's no application fee, but you'll need a 1% deposit at commitment for appraisal and legal costs, plus an SBA guarantee fee of 2-3%. Closing costs can be rolled into the loan.
Does my business qualify if it's brand new?
No. The fund requires at least 2 full years of operation and 10 to 500 full-time employees.
Will I need to personally guarantee the loan?
If you own more than 20% of the business, yes, a personal guarantee is required, along with a security interest in available collateral.
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Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.