Source: Business North Carolina

Golden LEAF, a Rocky Mount-based nonprofit organization, is launching a $15 million loan program for small businesses in North Carolina. The NC COVID-19 Rapid Recovery Loan Program will help small businesses affected by coronavirus, Business North Carolina reports.

The NC Rural Center will manage the process according to the following terms: eligible businesses can receive loans for as much as $50,000 with zero interest and no payments for six months. Business NC reports other partners for the program include Business Expansion Funding Corporation, Carolina Small Business Development Fund, Mountain BizWorks, Natural Capital Investment Fund, and Thread Capital.

Golden LEAF board chair Bo Biggs said in a press release, “This program is designed to assist businesses working to apply for a Small Business Administration Economic Injury Loan or other commercial loan but have more immediate needs for capital.”  

Earlier in March, the U.S. Small Business Administration approved Governor Roy Cooper’s request for a disaster declaration that would unlock low interest SBA loans for affected businesses across North Carolina.

The Golden LEAF nonprofit manages money won in a 1999 legal settlement with U.S. tobacco companies. The nonprofit has helped to create 65,000 jobs in rural North Carolina since the settlement.

Read more about the Golden LEAF small business loans from Business North Carolina.