Raleigh
-
Last week, the
federal Small Business Administration (SBA) approved Governor Roy Cooper's
requested disaster declaration for North Carolina counties impacted by Hurricane Dorian. The SBA declaration was followed by a state declaration from the Governor's office allocating additional resources to disaster-affected counties.
Thread Capital's Rapid Recovery loan program, activated last month in response to the hurricane, is accepting applications from small-business owners in the SBA
disaster-declared counties of Carteret, Dare, Hyde, and New Hanover, and the contiguous counties of Beaufort, Brunswick, Craven, Currituck, Jones, Onslow, Pamlico, Pender, Tyrell, and Washington. Thread's Rapid Recovery loans provide small businesses with short-term capital to immediately stabilize the business in the aftermath of a natural disaster, including meeting payroll, covering cleanup costs and replacing lost revenue.
Rapid Recovery loans are expedited "bridge" loans for up to $50,000 at zero percent interest for six months. These loans allow a business to bridge the gap in time between when a disaster strikes and before insurance or SBA payments are received.
Small-business owners can apply for a Rapid Recovery loan at
threadcap.org
. In addition to completing the online application, business owners should be prepared to provide tax returns and minimal additional information.
Thread Capital has been providing recovery loans while waiting for an SBA disaster declaration.
"Thread Capital and it's network of statewide partners have been working with affected businesses on Ocracoke Island and in other impacted communities," said Thread Capital Executive Director Jonathan Bererton. "We are pleased to see both of these declarations, and grateful longer-term SBA programs are now available alongside our Rapid Recovery Loan product."
Thread Capital, a subsidiary of the NC Rural Center, offers the Rapid Recovery loan program with the support and partnership of the Golden LEAF Foundation. "The Golden LEAF Foundation recognizes the critical role small-business owners play in our state's communities," said Golden LEAF Foundation Acting President Ted Lord. "Our small-businesses and the communities they serve stand a better chance of surviving when we respond quickly to their needs following natural disasters."
Thread Capital's disaster recovery lending programs address both the short- and long-term needs of small businesses affected by natural disasters. In the weeks following Hurricane Florence in 2018, Thread Capital made 71 Rapid Recovery loans to affected businesses and helped retain over 1,100 jobs. Many of the businesses affected by Florence have since made significant investments in their disaster preparedness.
In addition to the Rapid Recovery loans made available for Hurricane Dorian, Thread Capital continues to offer long-term Resilient Recovery loans of up to $250,000 for businesses impacted by Hurricane Florence. To find out if you qualify for a Resilient Recovery loan, visit
threadcap.org
.
"We've seen the physical damage hurricanes can bring to North Carolina, but the long-term economic impact is just as devastating," said Brereton. "Making sure that small businesses have the resources they need to quickly and strategically rebuild after a storm is crucial for the future of our state's economy."
