LOCAL & STATE FINANCIAL RESOURCES
TOGETHER WE WILL GET THROUGH THIS
NC COVID-19 Rapid Recovery Loans
The North Carolina COVID-19 Rapid Recovery Lending program supports North Carolina small businesses and family farms as they recover from the economic impact of COVID-19. This rapid recovery loan helps small businesses bridge the gap between when crisis strikes and when federal loans, insurance payouts, and other relief funds are approved, or businesses have time to recover.
The NC Rural Center encourages small business employers to continue applying for this rapid recovery program.
LINK TO APPLY: https:ncrapidrecovery.org
Loans are available for up to $50,000
Loan sizes capped at approximately two months of current revenue.
Six months of no interest and no payments, followed by 48 months of principal and interest payments at 5.5% interest.
Interest will begin to accrue on the seventh month.
No prepayment penalties; defaulted loans are subject to collections.
Who is eligible?
Any NC small business affected by COVID-19.
Must have one (1) employee, who could be the self-employed owner.
Start-ups that began operations before March 23, 2020 are eligible.
Any individual with greater than 20% ownership must personally guarantee the loan.
Proceeds may only be used for maintaining or restarting a business.
Loans to pay off debt may be authorized on a case-by-case basis.
Borrowers are required to assign the proceeds of future assistance programs, including SBA loans, to the repayment of their loan.
Logistics & Timeline
Businesses applying should be prepared to complete an online application, provide tax returns, P&L statements, and bank statements.
The partners in this program are committed to moving as fast as possible to assist businesses and they will be in touch with applicants as soon as possible upon submission.
Loans subject to availability of funds.
As you may know, the NC COVID-19 Rapid Recovery Loan Program was launched by the NC Rural Center on March 24 with an initial allocation of $15 million provided by the Golden LEAF Foundation. The goal of the program was to provide emergency bridge loans to our state's small-business owners who were being affected by the economic impacts of COVID-19.
As soon as we launched the Rapid Recovery program, we quickly received applications in excess of that initial funding provided by our partners at Golden LEAF, which reinforced the urgent need to expand the capacity of the program.
Today, we have good news to share. House Bill 1043, a bipartisan effort by the NC General Assembly and which was signed into law by Governor Cooper this morning, includes an appropriation of $125 million to Golden LEAF for the NC COVID-19 Rapid Recovery Loan Program. This appropriation is a significant fiscal commitment that will help meet the needs of our state’s entrepreneurs and small-business owners.
We know the need is great and we know our small business owners have a long road ahead of them. The NC Rural Center and our partners in the NC Rapid Recovery Loan Program will do all we can to assist them. Applications to the NC COVID-19 Rapid Recovery Loan Program will continue to be reviewed on a first come, first served basis. Please visit www.ncrapidrecovery.org to learn more about the program and submit an application for your small business.
We are grateful for Golden LEAF’s ongoing support of this program, the confidence of the North Carolina General Assembly, and for the ‘can-do’ attitude and quick response of all of our lending partners.
For more information, read Golden LEAF’s announcement here.
Small Business Resources:
The Coronavirus Aid, Relief, and Economic Security Act – The CARES Act
United Way - Triangle opens COVID-19 Relief Fund
Families First Coronavirus Response Act (FFCRA)
Disclaimer: In no way do we endorse any product or information contained on this page. We do not represent or work for the companies listed above. This page is for informational purposes only, it is not an application or offer of ay kind of financial service or advice