NORTH CAROLINA -- Small businesses in North Carolina haven’t received as much help from the payment protection program as expected.
- Amid Pandemic, U.S. Senate Approves Extra Funding for Small Business Emergency Loan Program
- As Washington Renews PPP Loans, Small Business Owners Remain Skeptical
The 9th largest state, and one of the country’s banking capitals, ranked 16th in the nation in the amount of businesses receiving PPP relief.
“Mal Pan” in Charlotte is one of the businesses hoping to get funding during the second round of federal PPP loans, which started this week.
Banking experts still expect this round of funding won't be enough and will run out quickly.
Some businesses are now turning to non-traditional lenders who are offering low or no-interest loans to help fill the gap.
One of those lenders, New York-based Witho is offering up to 50 zero-interest loans to Charlotte-area businesses. You can apply here.
Additional opportunities for small businesses (via Charlotte Center City Partners) include:
- The Institute for Minority Economic Development and several partners announced a Small Diverse Business Emergency Relief Fund, which offers grants of up to $1,000 for rent, utilities, and other operational expenses for small businesses. Must be minority-owned and demonstrate immediate need. More info here.
- Mecklenburg County Small Business Stabilization Loans - loans of $5,000-35,000 at 3 percent interest with interest-only payments available for the first 12 months. Total fund size is $5 Million. The application is live and will be administered by Carolina Small Business Development Fund. *UPDATE: Funds are currently exhausted, but applications are still being accepted for the future.
- Verizon Small Business Recovery Fund - offers grants of up to $10,000. More info here.