North Carolina COVID-19
Rapid Recovery
for Small Businesses

Supported by:

While there is still much we do not know about COVID-19’s long-term impact, there is one thing we are certain of: we are all in this together. We are learning how to adapt and evolve, together, day-by-day.

In response to the unique economic challenges of COVID-19, a consortium of public, private, and nonprofit partners came together and launched an innovative recovery-lending program to help support entrepreneurs like you and stabilize North Carolina’s small business sector.

Application is now closed.

Led by:

NC Rural Center

In partnership with:

People talking at the Fainting Goat Brewery bar.

What was the NC COVID-19 Rapid Recovery Loan Program?

The North Carolina COVID-19 Rapid Recovery Loan Program supported North Carolina small businesses and family farms as they recovered from the economic impact of COVID-19. This rapid recovery loan helped small businesses bridge the gap between when crisis strikes and when federal loans and other relief funds are approved, or businesses have time to recover.

This was not a grant program.

NC COVID-19 Rapid Recovery loans were not designed to be a singular source of assistance for small businesses. Repayment was expected either from more permanent funding sources or from the future cash flow of the business.

Supported by:


Supporting partners:

About NC COVID-19 Rapid Recovery Loans

Loan Details

Loans were available for up to $250,000, based on the business's losses due to COVID-19 and current revenue. Loan agreements were structured as follows:

  • Loan sizes were approximately two months or more of current revenue. Documentation had to be provided to show COVID-19 impact was greater than or equal to the loan size, which may have included forecasted impact through December 30, 2020.
  • 18 months of no payments at 0.25% interest, followed by up to 8.5 years (or 102 months) of principal and interest payments at 5.5% interest.
  • There were no prepayment penalties.
  • Defaulted loans were subject to collections.


  • Any individual with greater than 20% ownership in the applying business must have personally guaranteed the loan.
  • Proceeds from the loan may have only been used for maintaining or restarting a business.
  • The use of loan funds to pay off debts already incurred for qualifying business maintenance or restart purposes may have been authorized on a case-by-case basis.
  • Borrowers were required to assign the proceeds of future assistance programs, including SBA loans, to the repayment of their Rapid Recovery Loan.

Who was eligible?

  • Applicants must have been a North Carolina small business affected by COVID-19 (all 100 NC counties are eligible).
  • Applicants must have had at least one (1) employee, who could be the self-employed owner.
  • Start-up businesses that began operations before March 23, 2020 were eligible.

Logistics & Timeline

  • Businesses interested in applying should have been prepared to complete an online application and provide tax returns, profit and loss statements, and bank statements.
  • The partners in this program were committed to moving as fast as possible to assist businesses and they would be in touch with applicants as soon as possible.
  • Loans subject to availability of funds.

Application is now closed.

Business Resources

Many outstanding resources are available across North Carolina to help our state’s small business owners. Below are just a few of the many dedicated organizations that are ready to assist you and your business. Check back as we add more resources.

Para obtener información sobre NC Rapid Recovery Loan Program en español, visite