Click here for COVID-19 updates for small businesses.

COVID-19 Updates

Resources and updates for small businesses, entrepreneurs, and community economic development practitioners affected by the COVID-19 pandemic.

CSBDF Operations Status

All staff are working remotely and are available to assist by phone and email.  Even as North Carolina shifts into phased re-opening, we are abiding by the Governor’s request to continue have staff work from home.

Our Small Business COVID-19 Programs

Durham Small Business Recovery Fund

The City of Durham has partnered with Carolina Small Business Development Fund and Duke University to establish the Durham Small Business Recovery Fund to provide loan and grant funds for small businesses adversely affected by the COVID-19 pandemic. Eligible businesses are those with fewer than 25 employees, including home-based businesses and food trucks, which are subject to additional criteria.

Do you have questions about the application process, eligibility, and required documentation? Check out two recordings of our webinars answering all your questions (in both English and Spanish)

English: https://vimeo.com/431862825

Spanish: https://vimeo.com/430556538

Mecklenburg County Small Business Emergency Stabilization Loan Fund

In response to the economic impact of the current health crisis, Mecklenburg County has partnered with us to create the COVID-19 Small Business Emergency Stabilization Loan Fund. Loans of $5,000 to $35,000 are available to qualifying small businesses in Mecklenburg County that have been affected by COVID-19. For more information about the program, visit this page.

Partnership for 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. The state of North Carolina has recently appropriated new capital for this program. We are working with our partners to process applications received from the point that funding was exhausted previously and the application process remains open. For more information, click here.

City of Raleigh Small Business COVID-19 Relief Fund

The City of Raleigh has partnered with CSBDF to provide grant funds to qualifying small businesses that have been adversely impacted by the pandemic. Grants available for up to $10,000 or 2 months of rent (whichever is less) for storefront firms with less than 50 employees. The application is currently closed. For more information, visit this page.

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 disastercustomerservice@sba.gov.

Helping Current CBSDF Borrowers

If your small business is in need of a payment modification on your loan with us we want to assist you.  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 creditadmin@carolinasmallbusiness.org. For us to best assist you we ask that you send the following information.

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. If you are a current borrower that has a loan guaranteed by the Small Business Administration, your payments have been deferred automatically under the CARES Act.  You do not need to request a loan modification. Borrowers who have had payments deferred under this program have been sent letters via postal mail and email. 

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.