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June 4, 2020

 

Mecklenburg County’s COVID-19 Small Business Stabilization Loans Still Available

Mecklenburg County, NC – 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:

· One-page simplified loan application (online)

· Statement describing how the COVID-19 has adversely impacted the business

· Copy of driver license

· Copy of lease agreement or mortgage statement

· Tax returns (business) 2018 & Profit and Loss statement for 2019

· Tax returns (personal) 2018

· Year-to-date Profit and Loss statement including balance sheet

· One year of income and expense projection including cashflow

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/EDO

A 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.


Media Contact:
Lawrence Corley,Public Information Specialist 704-999-1513 or Lawrence.Corley@MeckNC.gov

 

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