A group of small business support organizations recently activated the North Carolina Small Business Emergency Bridge Loan Program in response to Hurricane Matthew. The program will provide short-term, interest-free loans to small businesses that experienced physical or economic damage during the storm and recovery efforts.
The Bridge Loan Program is a partnership of the N.C. Rural Economic Development Center, the Small Business and Technology Development Center (SBTDC), and the Community College Small Business Center Network. The program has raised over $3 million from funders including the Golden LEAF Foundation, N.C.’s Electric Cooperatives, BB&T, PNC and Wells Fargo.
These short-term loans are meant to provide assistance while small business owners wait for insurance payouts, SBA disaster loans or other recovery programs.
Owners of small businesses with 1 to 100 employees located in the 52 counties affected by Hurricane Matthew can apply for loans for up to $15,000. Applications may be submitted through December 9, 2016. Loans are granted for terms of 90 or 180 days and are interest-free (0% APR) for that time period. To be eligible, a business must have been established prior to October 4, 2016, and demonstrate economic or physical damage as a result of Hurricane Matthew.
For more information or to find a program office, visit the SBTDC site. To apply, visit www.ncruralcenter.org/hurricanematthew. For questions or assistance, call the SBTDC at (919) 715-7272.