N.C. Small Business Loan Program Seeks More Applicants

Officials in charge of allocating small business relief loans in North Carolina say that more than half of the available state funding remains unused. Loan terms have been changed based on feedback from previous applicants. 

The Rapid Recovery loans are designed to help small businesses struggling to stay afloat during the coronavirus pandemic.

The N.C. Rural Center says that out of $90 million in state funding available, $53 million is still up for grabs.

In a bid to help raise awareness, the center has increased the amount of money businesses can apply for and made some changes to loan terms and interest rates.

The Winston-Salem Journal reports there are several possible reasons cited for the slowdown in loan applications. Many businesses qualified for the federal Paycheck Protection Program, which did not require the funds to be paid back if certain requirements were met. It's thought that a number of business owners remain leery of taking on additional debt.

And some officials believe there has been confusion over the application process and the rules surrounding both state and federal loan programs.

The deadline to apply for Rapid Recovery loans is October 15th.

For the most up-to-date information on coronavirus in North Carolina, visit our Live Updates blog here. WFDD wants to hear your stories — connect with us and let us know what you're experiencing