Apply Starting Noon, June 5, 2020
IMPORTANT INFORMATION – READ BEFORE APPLYING
The COVID-19 Small Business Loan program is for small businesses impacted by the COVID-19 crisis to provide emergency funds for business-related expenses including rent, mortgage payments, working capital, and/or other similar expenses that occur in the ordinary course of business.
Loan amounts are equivalent to up to six (6) month’s actual monthly rental/mortgage payments of the business, not to exceed a maximum total of $10,000 for an individual small business. Loans are unsecured with repayment terms of a No Interest, twelve (12) MO nonpayment period followed by a twenty-four (24) MO equal principal payment period.
Applications will be reviewed for completeness and proof of need on a first-come-first-served- basis.
Eligible Businesses include:
- For-profit businesses
- Located within the City of New Bern (jurisdictional boundary)
- Employing at least 1 person
- Legally formed – verified by NC Secretary of State
- Operating (generating revenue) on March 10, 2020
- Planning to remain open after the pandemic has ended
- Generating sales/revenue less than $2,000,000
Ineligible Businesses include:
- Any business not meeting the eligibility criteria as outlined above
- Any Uber/Lyft drivers and other individual transportation operations
- Auto dealers
- Property Management of landlord-related businesses
- Any business applying for a loan on a physical location where the business does not provide goods or services, but solely leases the location to a tenant
- Franchises, publicly traded companies or subsidiaries of publicly traded companies
- Home-based businesses
- Vice businesses (vape shops, massage parlors, etc.)
- Common Beneficial Ownership of 10% or greater of multiple business entities disqualifies the second and any subsequent applications for consideration
Loans are administered through BEFCOR, Business Expansion Funding Corporation, a Certified Development Company, and economic development lender in North Carolina since 1982.
After applying look for further correspondence from BEFCOR. Be prepared to provide BEFCOR with banking account and routing information.