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 have come together and launched an innovative recovery-lending program to help support entrepreneurs like you and stabilize North Carolina’s small business sector.

Led by:

NC Rural Center

In partnership with:

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

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

The North Carolina COVID-19 Rapid Recovery Loan Program supports North Carolina small businesses and family farms as they recover from the economic impact of COVID-19. This rapid recovery loan helps 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 is not a grant program.

NC COVID-19 Rapid Recovery loans are not designed to be a singular source of assistance for small businesses. Repayment is 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 are available for up to $250,000, based on the business's losses due to COVID-19 and current revenue. Loan agreements are structured as follows:

  • Loan sizes are approximately two months or more of current revenue. Documentation must be provided to show COVID-19 impact is greater than or equal to the loan size, which may include 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 are no prepayment penalties.
  • Defaulted loans are subject to collections.


  • Any individual with greater than 20% ownership in the applying business must personally guarantee the loan.
  • Proceeds from the loan may only be 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 be authorized on a case-by-case basis.
  • Borrowers are required to assign the proceeds of future assistance programs, including SBA loans, to the repayment of their Rapid Recovery Loan.

Who is eligible?

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

Logistics & Timeline

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

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