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After Florence, $25,000 loans offer immediate aid to small businesses

September 24, 2018 / Chris Bushnell / Uncategorized

In the wake of Hurricane Florence, small businesses in Eastern North Carolina have immediate access to aid thanks to a new loan program specially designed to support them in the aftermath of the storm.

The Hurricane Florence Recovery Loan makes up to $25,000 available as working capital for operations as well as the repair or replacement of equipment and inventory. There is 0% interest and no payments for the first six months so that small business owners can focus their time and resources on business continuity.

The program is available through Carolina Small Business Development Fund, a certified non-profit community lender with experience working side by side with entrepreneurs to be prepared before and resilient after natural disasters.

“We know how to help Main Street entrepreneurs find a road forward,” said Lenwood V. Long, President and CEO of Carolina Small Business. “In our initial phase, we are positioned to deploy as much as $1.5 million to the region to stabilize local economies and protect jobs.”

Recognizing the urgent needs of small business firms, JPMorgan Chase stepped up to contribute $125,000 to the cause.

“We know that many businesses face a long road to recovery and we want to help them get back on their feet as quickly as possible,” said Brent Gore, Carolinas Region Manager for Chase Middle Market Banking.

In the two years since Hurricane Matthew hit the state, Carolina Small Business issued more than $6.6 million in loans to affected areas. For owners of firms still in long-term recovery from that storm, loans are available through a separate program called The North Carolina Small Business Recovery Fund.

To be eligible for the newly-created Hurricane Florence Recovery Loan, owners must apply by Oct. 31 online at https://carolinasmallbusiness.org/florence or by calling 919-803-1437.

Carolina Small Business fosters economic development in underserved communities through access to capital, business services and policy research. Since 2010, the non-profit community development financial institution has invested more than $50.7 million through 661 loans to small businesses across North Carolina helping to create or retain more than 2,267 jobs.