News & Publications News Article - Open for Business Loan Opportunity for Small Businesses Affected by COVID-19

Open for Business Loan Opportunity for Small Businesses Affected by COVID-19

09/01/2020 02:04 PM

The Open for Business Loan is a non-forgivable interest free loan, ranging from $10,000-$100,000. Eligible borrowers are small to medium size (1-99 employees) businesses who have been in business for at least 12 months and must be located in Franklin, Granville, Person, Vance or Warren counties. Documentation providing evidence of a loss of revenue since the start of the COVID-19 pandemic is required. All loans will require a personal guarantee and additional collateral. Funds can only be used for working capital and/or equipment and require an application fee of $200. Standard loan terms of 5 to 10 years. To apply, visit www.kerrtarcog.org and click on the “Open for Business Loan” tab. The Open for Business Loan Program is locally administered, funded by the US Department of Commerce, Economic Development Administration with funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Applications are available on the Kerr-Tar COG website at www.kerrtarcog.org.or by calling Kerr-Tar Regional Council of Governments at 252-436-2040. Applications should be completed as soon as possible as funding is limited.

Reference

252-436-2040

http://www.kerrtarcog.org