Emergency funding for Orange County small businesses - grants and zero interest loans

Orange County for-profit businesses are invited to apply for the Emergency Small Business Funding Program.

This program will offer a combination of grants, which do not have to repaid, and zero-interest loans. Application deadline is April 10th, 2020.

General Terms and Conditions

Open to Orange County, North Carolina based for-profit businesses
Minimum of one-year in operation and hold applicable 2019 business privilege licenses
Ineligible businesses include, but not limited to, companies involved in real estate investment, multi-level marketing, adult entertainment, or firearms. Companies with past due tax liabilities or tax liens or currently in bankruptcy (Corporate or Personal) are not eligible.
Profit and Loss statement indicating profitability prior to coronavirus pandemic
Maximum award of combined loan and grant funds is $25,000 total
Maximum grant of $5,000 per small business with no repayment required.
Maximum loan of $20,000 per small business, according to the following terms:
Businesses will be required to provide a minimum of 1 year of tax returns. The maximum loan and grant combination available to a small business will be limited to three months of fixed operating expenses.
Loans will be repaid over a five (5) year term. No payments will be due during the first six months of loan origination.
No interest, no application or origination fees will be charged on loans.
Small business will agree to an auto-draft process for loan payments.
Personal guarantee required of all owners with 20% or more interest in the company
All asset lien on business