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.
In partnership with:
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.
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.
Business Link North Carolina, a division of the Economic Development Partnership of North Carolina, has an information page with directions to specific assistance regarding COVID-19-related supply chain disruptions, funding resources, small business grant opportunities, and business counseling services, including layoff aversion strategies.
SBTDC has provided guidance for business owners on how to navigate through COVID-19.
The Small Business Center Network has provided a list of resources, including webinars, articles, and blog posts that may provide guidance and assistance to business owners contending with COVID-19. They also have a network of experienced business counselors who can help business owners and farmers with business counseling, strategic planning, loan application assistance, financial projects and cash flow management, marketing assistance, and referrals to agencies and other support sources.
According to a press release, the U.S. Small Business Administration has granted Governor Cooper’s request for a disaster declaration to support small businesses. This means that there are SBA disaster recovery loans available for small business owners in North Carolina. SBA has created a dedicated page for COVID-19 resources, including information about loan products and resources, guidance for businesses and employers, government contracting, and information about local assistance.
On March 17, 2020, Governor Cooper outlined changes to the state’s unemployment system in response to COVID-19. This resource from the Division of Employment Security provides a Frequently Asked Questions sheet about changes to unemployment in response to COVID-19 mitigation measures.
The Women’s Business Center of North Carolina provides specific resources for women entrepreneurs, including business counseling services.
The CDC has provided interim guidance and precautions for businesses and employers to take in response to COVID-19.
HUB International has assembled a guide overviewing legal and regulatory considerations for businesses and employers while contending with COVID-19. They also have a resource hub on their website with specific resources for risk services, businesses and employees, individuals and families, and government and other resources.