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$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).
 
Contact:
Dany Perry