Farmers and other small businesses are eligible for loans under the North Carolina COVID-19 Recovery Program | Stock Photo
Farmers and other small businesses are eligible for loans under the North Carolina COVID-19 Recovery Program | Stock Photo
A state loan program for North Carolina to help small businesses recover from the economic damage caused by the COVID-19 pandemic offers new and improved terms, State Rep. Jason Saine (R-Lincoln) posted on his Facebook page.
"Businesses can now borrow up to $250,000 with no payments and 0.25% interest for the first 18 months,” Saine said in his Sept. 18 Facebook post. “Instead of repaying the loan within five years under the previous loan terms, businesses will now have up to eight and a half years to repay the money."
The deadline for applying for loans under the North Carolina COVID-19 Rapid Recovery Program is Thursday, Oct. 15.
The program is not connected to the federal Paycheck Protection Program.
"Our Rapid Recovery loan product is supported by North Carolina entities and is for North Carolina businesses," the program's website said.
It is funded by the state, the Golden LEAF Foundation, and other organizations.
"You are welcome to apply for both an NC Rapid Recovery Loan and SBA Payroll Protection Program (PPP) financing," the website said.
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