Loans up to $250,000 available to cover lost revenues
Wake County businesses with up to 150 employees have until midnight on Monday to apply for loans through the Wake Forward relief program to replace revenues they’ve lost due to COVID-19.
“We acted quickly to launch Wake Forward back in May, when we saw so many of our small businesses were struggling to stay afloat amid the pandemic,” Wake County Commissioner Matt Calabria said. “In the months since, we’ve seen this program make a real difference in Wake County, and we want to ensure as many small businesses as possible apply by Monday’s deadline.”
The Wake County Board of Commissioners allocated $5 million for Wake Forward, with at least $1 million earmarked to support independent contractors and sole proprietors. Funding came from the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Wake Forward is administered by the N.C. Rural Center and Thread Capital, its Community Development Financial Institution subsidiary, as part of the N.C. COVID-19 Rapid Recovery Loan program.
Small business owners who receive loans through the program will make no payments for 18 months. They will then be responsible for paying the principal, along with interest payments at 5.5%, for the following 102 months. There is no penalty for paying loans back early. For a full list of criteria to qualify, visit wakegov.com/wakeforward or call 919-212-4950.
