Small Business Recovery Fund Loan Program
· Loan amounts between $5,000 and $250,000; loan terms of up to 10 years
· Up to 24 months no interest (0%) and/or deferred payments evaluated on a case-by-case basis
· Rates for the remainder of the loan term ranging from 3-9% evaluated on a case-by-case basis
· Funds may be used to repair damaged buildings or equipment, mitigate future losses, purchase/ construct new buildings or equipment, or for working capital and operational expenses; other uses may be approved on a case-by-case basis
· Eligibility Requirements:
o Business must document physical damage or economic injury resulting from Hurricane Matthew, the western wildfires, Tropical Storm Julia, or Tropical Storm Hermine; and
o Business must have at least one employee (including owner), OR, the business must use loan proceeds to make improvements to a commercial or residential property that will be occupied by a tenant displaced as a result of the disaster; and
o Proposed use of funds may not duplicate or overlap with other disaster relief programs; and will be limited to documented business expenses necessary for disaster repair, mitigation, or operational expenses;
o Any individual with greater than 20% ownership in the affected business must cosign the loan. Only one loan per individual.
The Small Business Recovery Fund is a partnership of the Rural Center, the N.C. Small Business and Technology Development Center, and the N.C. Community Colleges Small Business Center Network. Funding for the program is provided by Golden LEAF under the Disaster Recovery Act of 2016 passed by the N.C. General Assembly, along with additional support from BB&T and Wells Fargo. The Carolina Small Business Fund and Community Development Initiative also received grants from Golden LEAF.
Submit completed application and any attachments with signatures by email or mail to:
JaLisha Richmond, Program Associate
N.C. Rural Economic Development Center
4021 Carya Drive Raleigh, NC 27610