Hurricane Florence Small Business Recovery Fund

Organization:
Rural Economic Development Center, Inc.
Amount:
$10,000,000.00
Program Area:
Hurricane Florence Disaster Recovery Loan Program
County of Applicant:
Wake
Description:

Golden LEAF Hurricane Florence Disaster Recovery Loan Program funds will enable the Rural Center to continue its Rapid Recovery Loan (RRL) program and activate the Hurricane Florence Small Business Recovery Fund (SBRF). The RRL will provide loans intended to serve as a bridge until borrowers secure longer-term funding. The SBRF will offer low-interest loans of up to $250,000 to business that suffered physical damage or economic injury but did not receive sufficient assistance from the SBA, insurance, or other programs. The Rural Center will brand the program through its subsidiary, Thread Capital. Grant funds will be used for loan capital and administrative expenses (5% of the amount of each loan closed).

Contact:
Mr. Barry Ryan 4021 Carya Dr. Raleigh, North Carolina 27610 (919) 250-4314
Areas Served:
Anson, Beaufort, Bladen, Brunswick, Carteret, Chatham, Columbus, Craven, Cumberland, Duplin, Durham, Greene, Guilford, Harnett, Hoke, Hyde, Johnston, Jones, Lee, Lenoir, Moore, New Hanover, Onslow, Orange, Pamlico, Pender, Pitt, Richmond, Robeson, Sampson, Scotland, Union, Wayne, Wilson, Alamance, Cabarrus, Caswell, Dare, Davidson, Edgecombe, Forsyth, Franklin, Granville, Martin, Mecklenburg, Montgomery, Nash, Person, Randolph, Rockingham, Stanly, Stokes, Tyrrell, Wake, Washington

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