Dear rural partners,
We have exciting news to share. Following the most recent pandemic recovery legislation, signed by the Governor last week, the NC Rural Center continues to support our state’s small businesses and family farms in the wake of the COVID-19 pandemic through the NC COVID-19 Rapid Recovery Loan Program. As this pandemic persists into the fall, we have adapted and expanded our services to better respond to the ongoing challenges facing North Carolina’s small businesses.
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 also 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.
Please help us spread the word about the changes to
the Rapid Recovery Program with businesses in your community. The application can be found on the NC Rapid Recovery website. Applicants can contact ncrapidrecovery@threadcap.org to request help with completing their loan
application.
The
application deadline for this program is October 15, 2020.
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 (HUB), 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.
I am immensely proud of what this program and partnership has
accomplished thus far. The economic resilience of our state depends on our
collective abilities to adapt and respond to the changes brought on by the
continuation of the COVID-19 pandemic. These adjustments to the program
should help us address the needs of our existing Rapid Recovery clients, as
well as expand the number of small businesses we can support.
For information about eligibility, loan terms, and necessary
documentation, visit the NC Rapid Recovery FAQs page. For data highlights and to read stories about
business owners who have received a Rapid Recovery loan, visit our News & Updates page.
Thank you for all that you do for rural North Carolina.
Onward,
Patrick Woodie President
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