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Economic Development Update - Golden Leaf Recovery Loan Program

Funding will provide loans to help small businesses suffering economic losses related to Coronavirus (COVID-19)

Post Date:03/24/2020 10:06 AM

ROCKY MOUNT, NC – (March 24, 2020) – The Golden LEAF Foundation announces $15 million in funding to launch a rapid recovery loan program in response to economic losses related to Coronavirus (COVID-19). Golden LEAF funding will support the NC COVID-19 Rapid Recovery Loan Program by enabling loans to be made to eligible businesses for up to $50,000 with zero interest and no payments for six months. If not repaid in six months, the loan will automatically convert to a term loan.

The NC COVID-19 Rapid Recovery Loan Program (https://ncrapidrecovery.org/) is managed by the NC Rural Center, a statewide nonprofit that has been supporting small business owners for more than 30 years. The Rural Center will lead a broad coalition of nonprofit lending partners to directly assist small business owners. Participating Rapid Recovery organizations include Business Expansion Funding Corporation (BEFCOR), Carolina Small Business Development Fund, Mountain BizWorks, Natural Capital Investment Fund, and Thread Capital.

“Small businesses are more than just job providers, they are pillars of our communities,” Governor Roy Cooper said. “They need our support now more than ever, and this program can help people across the state as we weather the effects of this pandemic.” 

Speaker of the House Tim Moore said, “This rapid response by the Golden LEAF Foundation to support North Carolinians through the COVID-19 crisis will provide immediate financial benefit for folks who are hurting during an uncertain economic upheaval, serving as a strong example of our state activating every asset available to help families and businesses in all 100 counties through this difficult time.”