Mecklenburg County's Office of Economic Development has announced that funds are still available through the COVID-19 Small Business Stabilization Loan Fund. Currently, 171 small businesses in Mecklenburg County have been approved for loans totaling more than $3.8 million. The Fund still has approximately $900,000 available for qualified small businesses affected by COVID-19. The County and its lending partner, Carolina Small Business Development Fund, will continue to accept applications from small businesses (up to 50 employees) located in Mecklenburg County for loans of $5,000 - $35,000 with up to 10-year terms at an interest rate of 3%. Applications will be processed in the order they are received. Funds may be used to cover the day-to-day operating expenses of the business, such as payroll costs, rent, routine real estate and equipment financing payments, utilities or losses due to destabilizing events. Applicants must provide:
The program will consider alternative forms of documentation to supplement standard underwriting requirements.More information on this program and others from Mecklenburg County: https://MeckNC.gov/EDOA direct link to the application: https://carolinasmallbusiness.org/initiatives/covid-19-small-business-emergency-stabilization-loan-fund/The Mecklenburg Board of County Commissioners approved the establishment of this fund and a separate Micro Business Stabilization Fund during its April 7 meeting. Loans of up to $75,000 for startups and existing small businesses are available through the County's Small Business Loan Program.
VIEW ALL NEWS