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.
You can find the initial application, as well as detailed information here, but here’s some general information:
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