$5 Million to Support Small Business in Wake County
May 13, 2020
We all know COVID-19 has presented significant financial challenges to the business community. That’s why the Wake County Board of Commissioners is considering creating a small business loan program to help. As proposed, the program would allocate $5 million in total to support small businesses in Wake County, with $1 million of that funding set aside for sole proprietor businesses.
Wake County Economic Development is teaming up with Wake County to create a Partner Coalition to get the word out about the program.
Proposed Program Criteria:
- Business must be located in Wake County.
- Applicants must have at least one employee, who could be the self-employed owner, and must not have more than 100 employees.
- Value of the loan will be two months of revenue up to $50,000.
- Six months of low interest and no payments, followed by 48 months of principal and interest payments at 5.5% interest.
- Interest will begin to accrue on any unpaid balances at the beginning of the seventh month.
- There are no prepayment penalties.
It is likely that the application will be released NEXT WEEK (week of May 18).