NC Rapid Recovery Loan Program
In response to the unique economic challenges of COVID-19, a consortium of public, private, and nonprofit partners, including Carolina Small Business Development Fund, have come together and launched an innovative recovery-lending program to help support entrepreneurs. To apply for this loan, click here. Enter Carolina Small Business Development Fund (CSBDF) as the referring organization so that we can assist you.
El Préstamo de Recuperación Rápida COVID-19 apoya a las pequeñas empresas y granjas familiares de Carolina del Norte mientras se recuperan del impacto económico del COVID-19. Este préstamo de recuperación rápida ayuda a las pequeñas empresas a afrontar la crisis mientras se aprueban los préstamos federales, pagos de seguros y otros fondos de ayuda, o cuando han tenido tiempo para recuperarse.
Este no es un programa de subvenciones. Los préstamos de recuperación rápida no están diseñados para ser una fuente única de asistencia para las pequeñas empresas. El reembolso se espera de fuentes de financiamiento más permanentes o del flujo de caja futuro del negocio. Solicite el préstamo de recuperación rápida COVID-19. Para mas informacion, visite esta pagina.
Small Business Administration Assistance
Currently, the SBA offers two programs that we recommend. For questions about either program, please contact SBA disaster assistance at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail email@example.com:
- Economic Injury Disaster Loans (EIDLs): Loans are available for up to $2 million to help overcome the temporary loss of revenue due to COVID-19. These loans may be used to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses and 2.75% for non-profits. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay, but can be up to 30 years.
- Paycheck Protection Program (PPP): Through the SBA’s 7(a) lending program, small businesses are eligible for additional assistance in the form of a partially forgivable loan. This program will cover up to 2.5 times the business’s average payroll costs, up to $10 million. Based on the number of employees the business retains or rehires, an equivalent of 8 weeks of the business’s payroll, facility, and utility costs can be forgiven. We recommend businesses interested in this program review the US Chamber of Commerce’s guide before applying. Please note that Carolina Small Business is not a participating lender in the PPP program at this time. To view lenders that are providing this product in North Carolina, refer to the SBA website.
Helping Current CSBDF Clients
If your small business is in need of a payment modification on your loan with us we want to assist you. For us to best assist you we ask that you send the following information. Please note that the financial information we are requesting is to assist us in keeping our loan files compliant with certain requirements of SBA and various funders and to better address your needs. If you cannot provide a requested document, please provide a brief explanation. You may submit the information to firstname.lastname@example.org.
- A brief statement explaining how the pandemic is affecting your business.
- Most recent three years of business tax returns. If you have not filed your 2019 business tax return yet, please provide a 2019 year-end profit & loss statement and a balance sheet.
- Last three years personal tax returns for all guarantors on the loan.
- Personal Financial Statement for all guarantors on the loan.
- A 12-month projection, broken down on a month-by-month basis, for your small business.
We appreciate your assistance in providing the information that helps us stay compliant and we thank you for your trust as we successfully manage this very difficult situation together. We estimate your loan modification request will be completed within 5 business days of your submission of the above information.
Small Business Stories of COVID-19
We’re reaching out across the state to learn more about how this crisis has impacted our clients. Partners and supporters of our work have asked to learn more about the challenges small businesses are facing in this crisis. We have shared some of the sobering stories we’re hearing here. We encourage all of our supporters to patronize these small businesses, to help them endure during this difficult time.