Small business loans available to help survive crisis

The coronavirus threat is negatively impacting local small businesses, with stores and service-oriented enterprises either closing or having to change ways of operating. Owners and employees alike are threatened with losses of income, and a lot of idle time to think about it.

Fortunately, there are many loan funds available to assist with emergency funding.

The Kerr-Tar Regional Council of Governments administers a revolving loan fund to assist existing businesses as well as new entrepreneurs in securing financing they are otherwise unable to secure through traditional channels. The primary goals of the RLF program are to create new jobs in the region, foster small business development, job retention, and improve the economic and environmental climate in rural communities like Person County. The Council of Governments RLF is jointly funded by the Economic Development Administration, the State of North Carolina, and the Kerr-Tar Regional Council of Governments. Some specific guidelines may apply. Loans are made for the purpose of creating or retaining jobs within the Kerr-Tar Region. Contact Executive Director, Diane Cox at dcox@kerrtarcog.org for assistance.

The Small Business Administration has designated North Carolina small business owners as eligible to apply for low-interest loans, due to losses incurred by the Coronavirus (COVID-19) crisis. The SBA will work directly with state governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by COVID-19, to help overcome the temporary loss of revenue they are experiencing. Applicants are encouraged to apply online at www.SBA.gov/Disaster.

These are but a few sources of help. For all general questions, call Business Link North Carolina (BLNC), Monday – Friday, 8:30 a.m. – 4 p.m., at 800-228-89443. BLNC staff will connect your business to the appropriate organization for assistance.