There is still money and time available for small businesses to apply for the Person County Economic Development Commission’s COVID PIVOT Impact loan.
Person County Economic Development Director Sherry Wilborn gave the commission a little bit of background on the loan program, as it began after the board’s last meeting.
“With the support of the commissioners, the county staff and the Kerr Tar Council of Governments, we quickly implemented an emergency assistance loan program for small businesses impacted by COVID-19,” she said. “The COVID PIVOT Impact Loan Program has been supported with more local funds per capita than any other program in the state.”
As of Thursday, Wilborn said the program has dispersed just seven loans for a total of $50,700.
That total is significantly under the $260,000 budgeted for the program.
Of the businesses that applied, all received approval.
Loans are available between $2,500 and $10,000.
Wilborn said the program will run as long as the state has a declared state of emergency.
She also told the board that interest in the program has dropped off.
“We have seen the interest in the program drop off since funding from the state and federal programs came through,” she said.
But, she said the goal was to get money in the hands of business owners quickly before those other programs were up and running.
The EDC stresses that the program is a loan program, not a grant program.
To be eligible for the loan, the business must have between one and 49 employees, including the owner, a physical location principally based in Person County, be for profit, have a demonstrated loss of revenue of 25 percent or more due to COVID-19 and agree to provide impact data.
For more information visit https://bit.ly/3gDfM06.