This post originally appeared on the City of Burlington Blog Page, found here.
Over the past five months there has been a lot of turnover in the funding opportunities for businesses. Options like the Paycheck Protection Program have exhausted funds but new opportunities are coming up. Please go through this post and see some of the funding sources available to businesses here in Burlington, some are specific to our area and others are more widespread. Reach out to the Burlington Economic Development Department if you have any questions.
City of Burlington Microenterprise Loans
Qualifying Burlington businesses with five employees or fewer can apply for forgivable loans of up to $7000. Funds must be used for approved expenses related to COVID-19 impacts. The business owner or over half of employees of the business must have low- or moderate-income as defined by HUD to be eligible.
Microenterprise Loans will be accepted and reviewed on a first-come, first-serve basis by the City’s Economic Development Office until funds are exhausted. The application for this program can be found at this link, please select the Microenterprise Loan Application when on the site: https://portal.neighborlysoftware.com/BURLINGTON/Participant
For more information about Microenterprise Loans, contact Blake Moyer via phone at 336-222-5081 or via email email@example.com.
Job Retention Grants – NC Department of Commerce
If your business or non-profit organization experienced interruption due to the COVID-19 coronavirus pandemic, the new Job Retention Grant (JRG) Program may be able to offer assistance.
To qualify to receive these grant funds, your organization:
The program is accepting applications from now until our application deadline of Tuesday, September 1, 2020 at 11:59pm. No applications will be accepted after that time. No grants will be awarded before the September 1 deadline, and the potential amount of each grant will not be determined until all applications have been reviewed and awarded. Accepted and approved grants will receive funding in some amount, depending on how many successful applications are made before September first will affect the amount of money awarded to businesses.
Our JRG team is available to assist you. Email your questions or comments to: firstname.lastname@example.org.
Alamance County Revolving Loan Fund
The Alamance County Chamber of Commerce and other community partners are operating a $300,000 fund for local businesses to help them as they adjust and adapt their business to the current and post-COVID-19 economy. This program aims to have a strong focus on minority and women-owned businesses, as many of those were more significantly impacted and have had less resources available for recovery.
Find this opportunity here: http://www.alamancechamber.com/recovery-loan-program/
Paired with the funding will be technical support and consultation from the Alamance Community College Small Business Center and Self-Help Credit Union. Assistance can start with help completing the application, then move to specific business issues such as legal, marketing or bookkeeping.
Who can apply?
How can funds be used?
What are the loan costs?
Business consulting from the Alamance Community College Small Business Center is available for those who need more information. Reach out to Ervin Allen, Director, at (336) 506-4312.
Lights-On Revolving Loan Fund – Piedmont Triad Regional Council
The Lights-On COVID Recovery Loan is a new economic program designed to support small to mid-sized businesses in the NC Triad area whose revenue has been impacted by the pandemic. The program, sponsored by the Piedmont Triad Regional Development Corporation, offers interest-free, 5-year, non-forgivable loans, with emphasis on downtown and agricultural businesses that can provide proof of hardship.
Eligible businesses can apply to borrow from $2,500 to $50,000 through a streamlined, online process. Funds are intended for use as working capital to help with rent, utilities and payroll and more during shutdown and reopening. Owners are encouraged to learn more.
Local stakeholders and owners are also encouraged to drop in to the 'Lights On Loan Informational Webinar'. This webinar will be hosted on Wednesday, August 19 from 10:30am - 11:30am. Click here to RSVP.
If you have any questions send an email to: email@example.com
NC Rapid Recovery Loans
The Golden LEAF Foundation and non-profit lending partners throughout North Carolina created the NC Rapid Recovery Loan program, designed to provide businesses bridge financing to keep from closing. The program has received an additional $125 Million infusion of funds from the NC General Assembly, signed by the Governor on May 4, 2020. Golden LEAF funding will support NC COVID-19 Rapid Recovery Loans for eligible businesses with the following terms:
Information on this program can be found at ncrapidrecovery.org.