- Maximum Loan Size: Up to $25,000
- Use of Funds: Working Capital for operations or asset repair/replacement
- Structure: 24-month term with the first six months at 0% interest and no payments. After that time, principle & interest payment is due monthly, at a rate of 10%
- Collateral: Blanket lien on business assets and assignment on recovery claims, if available
- Advance: Single advance at closing
- Business must document physical damage or economic injury resulting from Hurricane Florence and be located in an affected county. For businesses impacted by wildfires and tropical disasters other than Hurricane Florence, learn about the North Carolina Small Business Recovery Fund.
- Business must have at least one employee (including owner) or the business must use loan proceeds to make improvements to a commercial or residential property that will be occupied by a tenant displaced as a result of the disaster
- Proposed use of funds may not duplicate or overlap with other disaster relief programs; and will be limited to documented business expenses necessary for disaster repair, mitigation or operational expenses.
- Any individual with greater than 20% ownership in the affected business must cosign the loan. Only one loan per individual.
Our Business Services Team will work with business owners to develop a customized plan to address:
- Prevention/Recovery Strategies
- Future Loss Mitigation
- Business Continuity Planning
For more information about resilience planning resources, consultation and workshops in your area, contact Leslie Lewis, Disaster Resiliency Specialist, at (252) 364-3320 x503 or firstname.lastname@example.org