We have exciting news to share. Following the most recent pandemic recovery legislation, signed by the Governor last week, the NC Rural Center continues to support our state’s small businesses and family farms in the wake of the COVID-19 pandemic through the NC COVID-19 Rapid Recovery Loan Program. As this pandemic persists into the fall, we have adapted and expanded our services to better respond to the ongoing challenges facing North Carolina’s small businesses.
The NC COVID-19 Rapid Recovery Loan Program now allows businesses to borrow up to $250,000 with no payments and 0.25 percent interest for the first 18 months. The loan’s terms have also changed from a 60-month repayment term to a 102-month repayment term. We are urging small businesses and family farms in need of assistance to consider applying for this program to sustain or adapt their business to the realities of the pandemic.
Please help us spread the word about the changes to the Rapid Recovery Program with businesses in your community. The application can be found on the NC Rapid Recovery website. Applicants can contact firstname.lastname@example.org to request help with completing their loan application.
The application deadline for this program is October 15, 2020.
To-date, the loan program has administered more than 1,000 Rapid Recovery loans, totaling more than $37 million. Currently, 64 percent of the approved NC COVID-19 Rapid Recovery loans are to historically underutilized businesses (HUB), which are primarily women- and minority-owned businesses. According to the U.S. Census Bureau, about 31 percent of employer businesses in North Carolina meet the HUB definition. Additionally, of the loans made, approximately 77 percent have been to businesses with fewer than 10 employees.
I am immensely proud of what this program and partnership has accomplished thus far. The economic resilience of our state depends on our collective abilities to adapt and respond to the changes brought on by the continuation of the COVID-19 pandemic. These adjustments to the program should help us address the needs of our existing Rapid Recovery clients, as well as expand the number of small businesses we can support.
For information about eligibility, loan terms, and necessary documentation, visit the NC Rapid Recovery FAQs page. For data highlights and to read stories about business owners who have received a Rapid Recovery loan, visit our News & Updates page.