Tuesday was the first day that small businesses in Mecklenburg County could apply for financial assistance under a Covid-19 program approved by county commissioners.
By all indications, the $6 million set aside will not last long.
At yesterday’s commissioners’ meeting, County Manager Dena Diorio said applications were coming in at a brisk pace – and many already had been approved.
The county offers two programs:
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Covid-19 Small Business Emergency Stabilization Loan Fund –$5 million:
Small businesses (up to 50 employees) in Mecklenburg County may apply for loans of $5,000 – $35,000. Funds may be used to cover the day-to-day operations and expenses related to running a business. Loans are available with up to 10-year terms at an interest rate of 3%.
On Day 1, the county received 139 applications. Sixty-nine applications totaling $1.8 million are under review. Thirteen have been approved for loans totaling $400,000.
Micro Business Stabilization Fund — $1 million:
Community Development Block Grant (CDBG) funds to support micro businesses with up to five employees who have been negatively impacted by Covid-19. Funds are available to micro businesses in Mecklenburg towns and unincorporated areas – with the exception of Mint Hill and Charlotte). Loans of up to $10,000.
On Day 1, the county received 13 applications that qualified for the program, requesting loans totaling $105,000. (Forty-seven applications did not qualify.)
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