Truist Financial and NC Rural Center teamed up to create a $40 million minority lending program called CornerSquare Community Capital. Funding will be directed to racially and ethnically diverse small business owners, women and individuals in low-and moderate-income communities throughout 17 states, with a focus on Black-owned small businesses. Truist is investing the money, while the nonprofit center will oversee the program, which involves buying 25% participations in loans made by community development financial institutions (CDFIs).
Governor Roy Cooper announced a new Job Retention Grant, funded by the CARES Act and administered by the NC Department of Commerce. Those eligible include for-profit businesses in the state, as well as some nonprofits – provided they did not receive benefits of another relief program such as the SBA's Paycheck Protection Program or the Fed's Main Street Lending program.
Eligible firms have to demonstrate they were negatively impacted by the pandemic, meaning their sales or gross receipts dropped at least 10 percent during the COVID period (March to May). They must also have maintained at least 90 percent of their North Carolina workforce from what it was in February.
Qualifying companies could be in line for grants worth up to 125 percent of two months of payroll – capped at a maximum of $250,000. As the company counts its payroll, it can’t include wages, salaries or bonuses for any individual employee that makes in excess of $100,000.
When applications close on Sept. 1, the state will take a look at eligible applicants, add up their maximum grant sums and, if it exceeds $15 million, everyone will be pro-rated in a lesser amount. More information, including FAQs and a sample application are available on the Job Retention Grant website.
The North Carolina COVID-19 Rapid Recovery Lending program supports North Carolina small businesses and family farms as they recover from the economic impact of COVID-19. This rapid recovery loan helps small businesses bridge the gap between when crisis strikes and when federal loans, insurance payouts, and other relief funds are approved, or businesses have time to recover.
NC COVID-19 Rapid Recovery loans are not designed to be a singular source of assistance for small businesses. Repayment is expected either from more permanent funding sources or from the future cash flow of the business.
Loans are available for up to $50,000, based on the business’s current revenue. Loan agreements are structured as follows:
The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. The Program will operate through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF). U.S. businesses may be eligible for loans if they meet either of the following conditions: (1) the business has 15,000 employees or fewer; or (2) the business had 2019 revenues of $5 billion or less. Loans issued under the Program would have a four year maturity, and principal and interest payments on the loans will be deferred for one year. Eligible lenders may originate new loans (under MSNLF and MSPLF) or increase the size of (or "upsize") existing loans (under MSELF) made to eligible businesses.
CASE at Duke launched #COVID19CapitalRelief, a searchable database for global, national and regional capital sources for profit and nonprofit entrepreneurs at risk due to #COVID19. It already contains over 90 capital offerings worth over $14.5 billion.
To learn more: https://www.linkedin.com/pulse/helping-entrepreneurs-covid19-world-part-2-over-145-billion-clark
To find capital: https://bit.ly/COVID19CapitalRelief
As of April 1, Export-Import Bank of the United States (EXIM) Export Credit Insurance relief measures are as follows:
1. Multi-Buyer and Single-Buyer Short-Term Insurance Program
2. Medium-Term Single-Buyer Insurance Policies Issued to Exporters
Should you have any questions regarding this fact sheet, we encourage you to contact Sharyn Koenig | firstname.lastname@example.org | (305) 526-7436 x17
The U.S. Chamber of Commerce Foundation is launching the Save Small Business Fund. Funded by contributions from corporate and philanthropic partners, the Foundation will provide $5,000 supplemental grants to small employers in economically vulnerable communities.