Mountain BizWorks is joining with partners from across the state to launch an innovative recovery resource – the NC COVID-19 Rapid Recovery Lending Program. This program is being launched with an initial allocation of $15 million from the Golden LEAF Foundation (just announced this morning) to the NC Rural Center who is coordinating the multi-lender partnership.
Not a grant program
Mountain BizWorks issued NC COVID-19 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.
Maximum loan size: $50,000
6 months of no interest and no payments, followed by 48 months of principal and interest payments at 5.5% interest
After 6 months, any principal not repaid converts to a 3-year note at 7.5% interest.
How to apply
Full program details and information on how to apply online are available through our website.