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 program’s goal: provide emergency bridge loans to our state’s small business owners and family farms grappling with the economic impacts of COVID-19.
After the launch, we received applications in excess of our initial funding; on May 4, Gov. Cooper signed House Bill 1043, a bipartisan effort by the North Carolina General Assembly that appropriated $125 million to Golden LEAF for the NC COVID-19 Rapid Recovery Loan Program.
Since the launch, other public and private entities have joined in this partnership to provide funding, lending support, and/or technical assistance in order to expand the operational capacity of the NC COVID-19 Rapid Recovery Loan Program.
The NC COVID-19 Rapid Recovery Loan helps small businesses and family farms bridge the gap between when crisis strikes and when federal loans and other relief funds are approved, or to give businesses more time to recover. This is not a grant program. Visit the NC Rapid Recovery website for more information about our partners, how the program works, and/or to apply for a loan.
NOTE: NC COVID-19 Rapid Recovery loans are not designed to be a singular source of assistance for small businesses. Repayment is expected either from more permanent funding sources or from the future cash flow of the business. If you have questions about the loan terms or the lending process, visit our Frequently Asked Questions page.