Loans Given to Help Small Businesses With Flood Damage

Loans Given to Help Small Businesses With Flood Damage

A nonprofit company based in the Rocky Mountains has given small businesses suffering flood-damage from Hurricane Mathew some financial assistance.

The nonprofit Golden Leaf Foundation allocated one million to North Carolina Small Business Development Fund to give emergency interest-free bridge loans for small businesses and farms suffering from damage due to Hurricane Mathew.

The president of the Golden Leaf Foundation says the loans will be used for capital and operating support.

Our board acted quickly to do this because we needed to get the money out there in order to do any good,” he said. “Time is money, and if they don’t get to recover quickly to replace whatever destruction there is, they won’t be viable. We need to keep small businesses in the Twin Counties and throughout North Carolina capable of working successfully.”

The North Carolina Small Business Development Fund marketing director says the Small Business Emergency Bridge Loan Program is a partnership of multiple organizations throughout the state and has raised over three million.

Rojas says the bridge loan program was created to help businesses recover quickly while federal level loans and insurance aid are stuck in the approval process.

She also said that it is not designed to be a primary source of aid to the affected businesses. That is why eligibility is parallel to the businesses pursuit for aid from other sources.

Any small business with between one and one hundred employees in any of the 52 countries affected by Hurricane Mathew can apply for loans between one thousand and fifteen thousand dollars. However, the business must have been established before October fourth and show physical or economic damage caused by the hurricane.

The president of the N.C. Small Business Development Fund says the effects of the hurricane have been overwhelming.

The application deadline for the temporary financial aid is December 12th and the loans are granted for 90 and 180 terms and will be interest free for the duration of the term. Payments are not required during the term, but must be paid in full by the end. After the expiration of the established loan term interest rates will be added to each loan.

No Reviews for "Loans Given to Help Small Businesses With Flood Damage"

Leave Your Review