Diverse Supplier Community Reinvestment Program
The purpose of this program is to grow the capacity of diverse business contractors and suppliers of Novant Health. Novant Health defines diverse businesses as certified ethnic minority, women, veteran, disabled and LGBTQ owned.
M&F Bank is focused on economic development by providing loans to small and medium-sized businesses. M&F Bank is proud to announce the working capital program to assist diverse businesses with growing their capacity and filling working capital gaps.
Small and diverse businesses frequently have more difficulty securing working capital to grow their capacity and increase their competitiveness. These financial barriers could make larger corporate projects inaccessible to significant numbers of
diverse small and medium sized businesses, despite their competency to meet high industry standards.
- Maximum loan amount: $25,000 to $250,000 or 25% of the total contract (whichever is less).
- Suppliers must have contract experience with Novant.
- Suppliers must be classified as Tier 1 – Must have a direct contracting relationship with Novant.
- Must be certified as Diverse Owned. (ie. Ethnic minority, woman, veteran, disabled or LGBT)
- Term of Loan: the term of the loan will be based the term of your Novant contract.
- Interest rate: interest rate will be variable with a spread over Prime based on risk grade of the business.
- Repayment: Periodic principal and interest payments based your Novant contract term.
- Fees: Up to 2 points of origination fees plus applicable closing costs.
- Application fee: $150 (will be collected at closing).
- Collateral: Assignment of contract and contract payments; and/or other acceptable collateral.
- Other: Applicant may have to satisfy minimum class participation (based on business evaluation) in the Dartmouth Tuck School of Business Minority Executive Training program or participate in a series of workshops related to technical assistance before receiving the funding.