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.