The Alamance Chamber, the Alamance County Economic Development Foundation, Alamance County and the Alamance Community Foundation have partnered to establish a Community Recovery Loan Program for Alamance County businesses. So many businesses in our community have been impacted by the Coronavirus and need a lifeline for recovery. We are proud to announce a $300,000 fund for local businesses to help them as they adjust and adapt their business to the current and post-COVID-19 economy. This program aims to have a strong focus on minority and women-owned businesses, as many of those were more significantly impacted and have had less resources available for recovery.
Paired with the funding will be technical support and consultation from the Alamance Community College Small Business Center and Self-Help. Assistance can start with help completing the application, then move to specific business issues such as legal, marketing or bookkeeping.
Who can apply?
- Small businesses and nonprofit organizations that were in business before COVID-19.
- Primary place of business in Alamance County.
- Minority and women-owned business enterprise owners are strongly encouraged to apply.
How can funds be used?
- Recovery from the economic costs of COVID-19, including working capital, business rent or mortgage, employee or independent contractor pay, business redesign equipment, restocking of inventory, PPE purchases and other costs of re-opening for business in compliance with COVID-19 requirements.
What are the loan costs?
- 4% fixed interest rate.
- No application fee or origination fee.
- No payments due for the first 6 months, if deferral is needed.
Want a single page highlighting the program? Click the blue button below for the Recovery Loan Flyer.
Ready to learn more and apply?
Self-Help Credit Union will be managing the application and loan fulfillment process. Click the button below for full details on the program, both in English and Spanish.
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Click here to read the full media release in English or Spanish.