UPDATED May 4, 2020 — Yesterday, the North Carolina Legislature finalized a relief package to address the Covid-19 pandemic in North Carolina, which included $125 million to expand a low-cost small-business loan fund run by the Golden LEAF Foundation. The North Carolina COVID-19 Rapid Recovery Lending program supports North Carolina small businesses and family farms. This rapid recovery loan helps small businesses bridge the gap between when crisis strikes and when federal loans, insurance payouts, and other relief funds are approved, or businesses have time to recover.
Loans are available for up to $50,000, based on the business’s current revenue. Loan agreements are structured as follows:
The Golden Leaf Foundation outlines these steps for all applications:
The Golden Leaf Foundation offers these additional notes for those submitting an application:
Visit the NC Rapid Recovery website to learn more and apply online.