- The program has been a staple of the General Assembly's economic recovery legislation signed by the Governor to support the state's economy during the pandemic.
- The Rapid Recovery program has new key business-friendly features including an expanded loan size cap, technical assistance for business owners, an extended loan repayment term and expanded borrowing amount - up to $250,000 with no payments and 0.25 percent interest for the first 18 months.
- Key industries, like small businesses and the restaurant and lodging industry, are eligible for this loan program and encouraged to apply before the October 15 deadline.
Applications are due October 15
Raleigh - The NC Rural Center is urging qualifying businesses to apply for COVID-19 Rapid Recovery loans through the program deadline set for October 15, 2020. After a series of recent pandemic recovery legislation, signed by the Governor, the small-business and family farm-based loan program still has funding available to immediately loan to qualifying businesses statewide.
The Rapid Recovery program was initially launched in late March to support small business owners and family farms in the wake of the pandemic. To-date the pandemic-based program has distributed thousands of loans to North Carolina small businesses. To further support this community, the loan program has adapted, based on loan applicant feedback, to provide technical support for small-business owners and extended loan repayment timelines. Under the program's guidelines, businesses and farms may borrow up to $250,000 with no payments and 0.25 percent interest for the first 18 months.
"This program continues to be a lifeline to North Carolina businesses that need support during this pandemic-based economic crisis," said NC Rural Center President Patrick Woodie. "We encourage any business that could benefit from this program to consider applying by October 15."
The NC COVID-19 Rapid Recovery Program launched three days before the CARES Act was signed into law. The program started with an initial $15 million in funding from the Golden LEAF Foundation and since that time, private and public entities, including the North Carolina General Assembly, supported by the Governor, have expanded the program's available lending capital.
To address the ongoing challenges presented by the pandemic and help boost this loan program to as many potential businesses as possible, the NC COVID-19 Rapid Recovery Loan Program offers technical assistance for business owners seeking to complete an application, including credit counselors to help business owners better understand their loan options. The loan's terms also include a 102-month repayment timeline.
The NC Rural Center is promoting available loans to communities statewide to reach a broad range of businesses including restaurants, small businesses and family farms that may be eligible for the loan program. In addition, the program is sharing Rapid Recovery information with its funding partners; as well as association groups whose members may qualify for the loans.
"We will continue to promote this loan program statewide so that small businesses are able to keep their doors open during these tough economic times," said Woodie. "The State and our partners are committed to standing by businesses in both the good times and tough times - and we're here now to help the state's economy rebuild."
For information about eligibility, loan terms, and necessary documentation, visit the NC Rapid Recovery FAQ page. The FAQ, as well as other resources about the program, are available in both English and Spanish. Applicants can contact email@example.com to be connected with technical assistance.
The deadline to apply is October 15, 2020.
About the NC COVID-19 Rapid Recovery Loan Program
The NC COVID-19 Rapid Recovery Loan Program is driven by a partnership between the Golden LEAF Foundation and the NC Rural Center, as well as a consortium of established North Carolina nonprofit lenders, including Business Expansion Funding Corporation (BEFCOR), CCI Fund, Carolina Small Business Development Fund, Mountain BizWorks, Natural Capital Investment Fund, Piedmont Business Capital, Sequoyah Fund, and Thread Capital. The Golden LEAF Foundation provided initial funding for this program, and capacity to meet the current demand has been expanded through funds appropriated by the North Carolina General Assembly, as well as by public and private contributions. The Rural Center acts as a program administrator, managing the flow of loan applications to lending partners for underwriting and servicing.
About the NC Rural Center
For 30 years, the NC Rural Center has worked to develop, promote, and implement sound economic strategies to improve the quality of life of rural North Carolinians. The Rural Center serves the state's 80 rural counties, with a special focus on individuals with low-to-moderate incomes and communities with limited resources.
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