The North Carolina Rural Center continues to support our state’s small businesses and family farms in the wake of the COVID-19 pandemic through the North Carolina COVID-19 Rapid Recovery Loan Program.
The NC COVID-19 Rapid Recovery Loan Program now allows businesses to borrow up to $250,000 with no payments and 0.25 percent interest for the first 18 months. The loan’s terms have changed from a 60-month repayment term to a 102-month repayment term.
“We are urging small businesses and family farms in need of assistance to consider applying for this program to sustain or adapt their business to the realities of the pandemic,” said Spring Williams-Byrd, director of the North Carolina Cooperative Extension – Burke County Center.
To download an application, visit ncrapidrecovery.org. Applicants can contact email@example.com to request help with completing their loan application. The application deadline is Oct. 15.
To date, the loan program has administered more than 1,000 Rapid Recovery loans, totaling more than $37 million. Currently, 64 percent of the approved NC COVID-19 Rapid Recovery loans are to historically underutilized businesses, which are primarily women- and minority-owned businesses. According to the U.S. Census Bureau, about 31 percent of employer businesses in North Carolina meet the HUB definition. Additionally, of the loans made, approximately 77 percent have been to businesses with fewer than 10 employees.
For information about eligibility, loan terms, and necessary documentation, visit https://ncrapidrecovery.org/faq/.
Spring Williams-Byrd is the director of the North Carolina Cooperative Extension – Burke County Center. Contact her at 828-764-9480 or firstname.lastname@example.org. The North Carolina Cooperative Extension - Burke County Center is located at 130 Ammons Drive, Suite 2, in Morganton. For more information, visit burke.ces.ncsu.edu.