Small Businesses Get Support in Wake of Matthew

A South River EMC crew restores power following Matthew

A group of small business support organizations have activated the North Carolina Small Business Emergency Bridge Loan Program in response to Hurricane Matthew. The program provides short-term, interest-free loans to small businesses that experienced physical or economic damage during the storm and recovery efforts.

The Bridge Loan Program is a partnership of the N.C. Rural Economic Development Center, North Carolina’s Electric Cooperatives, the Small Business and Technology Development Center and the Community College Small Business Center Network.

“We have been gathering reports from eastern North Carolina about the impact the storm has had on families, businesses and farms,” said Rural Center President Patrick Woodie.

“Restoring small businesses and family farms is crucial to our recovery from Hurricane Matthew, and the Bridge Loan Program will provide critical assistance while applicants wait for insurance payouts, SBA disaster loans or other recovery programs.”

Emergency Bridge Loan Program

Amount: Up to $15,000

Terms: 90 or 180 days with 0% APR for that time period

Deadline: Friday, December 9, 2016

Who is eligible: Owners of small businesses (1 to 100 employees) located in the 52 counties affected by Hurricane Matthew. Businesses must have been established prior to October 4, 2016, and demonstrate economic or physical damage as a result of Hurricane Matthew.

To apply: Visit ncruralcenter.org.

For more information or to find a program office, visit sbtdc.org. For questions or assistance, call the SBTDC at (919) 715-7272.