Are you a small business hurt by COVID-19? Wake, Durham and Duke have money for you.
Small business owners hurt by the coronavirus can apply for loans starting at noon Wednesday through Wake Forward, a $5 million loan program Wake County approved this week.
Loans of up to $50,000 are available for businesses with up to 100 employees. At least $1 million will be earmarked for independent contractors and sole proprietors.
“As our community has banded together to slow the spread of COVID-19, some of the biggest sacrifices have come from our local businesses,” said Greg Ford, chairman of the Wake County Board of Commissioners, in a news release. “We’re all looking forward to getting back to business as usual, and Wake Forward will help companies keep the lights on until that day comes.”
The program will be run by the N.C. Rural Economic Development Center with funding from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act. Payments aren’t due back for six months. After that, businesses will be responsible for paying the loans at 5.5% interest for the next four years.
People can apply at www.wakegov.com/wakeforward.
Other local programs
CITY OF RALEIGH: Applications for Raleigh’s small business grant ends at 11:59 p.m. Thursday. The city allocated $1 million for the fund but more 300 businesses have applied for the money with a need of $3.5 million, Raleigh Mayor Mary-Ann Baldwin said Tuesday. More than $430,000 has been raised by the private sector to add to that fund.
CITY OF DURHAM: City Manager Tom Bonfield has proposed $5 million, originally included in the city’s Capital Improvement Program, to address as-yet-unknown community needs relate to the pandemic. Some of the money may also be used to help the city adopt proper safety practices for employees and the public.
DUKE UNIVERSITY: Duke University, which rejected $6.7 million in federal aid through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is providing relief to local small businesses, nonprofits and other organizations through the Duke-Durham Fund.
The fund has an initial commitment of $5 million, according to the university’s website, to help these groups meet the “immediate needs of local residents and assist in the recovery and renewal of the city that we call home.”
The fund is currently in Round 2, providing grants to nonprofits that address community-wide food, housing, education and other emergency needs. A third round, for small businesses, will open in June.
