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Durham Loan Program

The City of Durham and Durham County Government has partnered with Carolina Small Business Development Fund to provide loan and grant funds for small businesses adversely affected by the COVID-19 pandemic.

About the Loan Program

The City of Durham and Durham County have partnered with Carolina Small Business Development Fund to establish the Durham Small Business Recovery Fund to provide loan and grant funds for small businesses (for-profits) 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 listed below.

Loans are ONLY  available to businesses with revenues greater than $500,000 to $2 million, according to most recent tax filing.

Eligibility

*Businesses that can satisfactorily document reasons for a significant disruption in operations during 2019 that impacted profitability will be considered on a case-by-base basis. A “significant disruption” might include flooding, fire, or major damage or forced to close due to an emergency declaration. Satisfactory documentation might include insurance claims, letters from public health, pictures, etc. The business still needs to show at least 1 year of profitable operations.

Use of Funds

Funds may be used for legitimate business expenses, including but not limited to working capital, lease payments, existing real estate and equipment financing payments, and covering payroll shortage. Funds may not be used to pay off existing debts, tax liens, judgments, or collections.

Loan Amount

Required Documentation

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