Hurricane Florence Rapid Recovery Loan Program

Organization:
Rural Economic Development Center, Inc.
Amount:
$1,000,000.00
Program Area:
Special Programs Initiative
County of Applicant:
Wake
Description:

The purpose of this grant is to provide funding to the Rural Center to capitalize the Hurricane Florence Rapid Recovery Loan Program. The program will enable access to capital for small- and medium-sized businesses. These small, short-term, no-interest loans, are intended to bridge the gap until the business secures other resources, including revenue from revived operations, payment of insurance claims, or longer-term funding from the Small Business Administration or through traditional bank lenders, CDFIs and other economic development lenders. The program incorporates feedback from borrowers and other partner entities of the bridge loan program established following Hurricane Matthew. The Rural Center will serve as fiduciary and grant recipient but operate and brand the program through its lending subsidiary, Thread Capital. Golden LEAF funds will be used for loan capital.

Contact:
Mr. Barry Ryan 4021 Carya Dr. Raleigh, North Carolina 27610 (919) 250-4314
Areas Served:
Statewide

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