UPDATED: Mecklenburg County has created a COVID-19 Small Business Emergency Stabilization Loan Fund and a Micro Business Stabilization Fund. The funds are made possible by the County’s partnerships with Carolina Small Business Development Fund and Centralina Council of Governments.

Funds will be distributed to qualifying small businesses and micro businesses affected by the COVID-19 pandemic. The application process for both funds will be simple and quick, with disbursements available within 10 days of a completed application.

COVID-19 Small Business Emergency Stabilization Loan Fund

The County has committed $5,000,000 for this fund. Small businesses (up to 50 employees) located in Mecklenburg County can apply for loans of $5,000 – $35,000. Funds can cover operating expenses (payroll, rent, routine real estate and equipment financing payments, utilities, or losses due to destabilizing events). Loans are available with up to 10-year terms at an interest rate of 3%.

Emergency Stabilization Loan applicants must provide:

• One-page simplified loan application (available online on Monday, April 13)
• Statement describing how COVID-19 has adversely impacted the business
• Copy of driver license
• Copy of lease agreement or mortgage statement
• Tax returns (business) 2018 & Profit and Loss statement for 2019
• Tax returns (personal) 2018
• Year-to-date Profit & Loss statement, including balance sheet
• One year of income and expense projection, including cashflow

Yes, the program will consider alternative forms of documentation to supplement standard underwriting requirements. Find detailed guidelines and the application on the County’s website. 

Micro Business Stabilization Fund

The County has committed $1,000,000 of Community Development Block Grant (CDBG) Funds to support micro businesses with up to five employees who have been negatively impacted by COVID-19. Funds are available to micro businesses in the CDBG program area, which includes the towns (with the exception of Mint Hill and the City of Charlotte) and the unincorporated areas of Mecklenburg County. Applicants will be eligible for loans of up to $10,000 on a first come, first served basis. Micro-Business Stabilization Fund applicants must meet the following criteria:

• The business owner or 51% of employees must have a low- or moderate-income (≤80% of the Charlotte Mecklenburg Metropolitan Statistical Area (MSA) Area Median Income)
• The business must have experienced a loss of income due to COVID-19, by certifying that revenue has declined by 25% or more as a result of COVID-19
• The business must provide documentation (including, tax returns, financial statements, gross receipts, etc.) to substantiate the claim of economic hardship suffered as a result of COVID-19, 

Micro-Business Stablization Loans can cover operating expenses, including payroll costs, benefits, commercial mortgage payments, rent, and utilities. These loans carry a 0% interest rate and mature at 3 years. Find detailed guidelines and the application on the County’s website.