SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to North Carolina residents. More details on the loan provided at the top of the page. For more info please visit

NC 16345 – SBA Offers Disaster Assistance to North Carolina Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

NC COVID-19 Rapid Recovery Lending Program

  • Loans sizes are capped at approximately two months of current revenue.
  • Loan agreements are structured as follows: First, six months of no interest and no payment, followed by 48 months of principal and interest payments at 5.5% interest.
  • Interest will begin to accrue at the beginning of month 7 (on any unpaid balance).
  • No prepayment penalties.
  • Defaulted loans are subject to collections.

Eligibility requirements:

  • Applicants must be a North Carolina small business affected by COVID-19.
  • Applicants must have at least 1 employee, who could be the self-employed owner.
  • Start-up businesses that began operations before March 23, 2020 are eligible. Businesses that started operations after March 23, 2020 are ineligible.

Other requirements:

  • Any individual with greater than 20% ownership in the applying business must personally guarantee the loan.
  • Proceeds from the loan may only be used for maintaining or restarting a business.
  • The use of loan funds to pay off debts already incurred for qualifying business maintenance or restart purposes may be authorized on a case-by-case basis.
  • Borrowers are required to assign proceeds of any anticipated claims, outside loans, or financial assistance grants to the repayment of their COVID-19 Rapid Recovery Loan.