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
City of Raleigh Small Business COVID-19 Relief Funds
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. For more information, visit this page.
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. Effective April 16 at 6:00 PM, based on overwhelming demand and requested loan amounts, we project that funding is no longer available for this program. The application remains open, however, and will process applications in the order in which they have been received if new funds become available.
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.
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.
- 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.
- Economic Injury Disaster Loans (EIDLs): [Note: the SBA has recently restricted EIDL applications to agricultural businesses]. 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.
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 firstname.lastname@example.org. For us to best assist you we ask that you send the following information.
- 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. 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.