Golden LEAF Fast Recovery Loan Program Guide | Brooks Pierce


The Golden LEAF Foundation is providing $ 15 million to launch a rapid recovery loan program in response to economic losses for small businesses related to COVID-19. The program is launched by a consortium of public, private, and nonprofit partners who have come together to help stabilize North Carolina’s small business sector during these uncertain times. The program is administered by the NC Rural Center and is designed to provide a bridge for small businesses in need of immediate capital while applying for a Small Business Administration (SBA) Economic Injury Loan or other commercial loan.

Who is Eligible? All North Carolina small businesses affected by COVID-19 are eligible (all 100 NC counties are included). To apply, companies must have at least one (1) employee who could be the self-employed owner. Business start-ups are also eligible, provided they started their business activity before March 23, 2020.

What are the financing conditions like? The program offers loans of up to $ 50,000; however, the loan sizes are limited to approximately two months of the applicant’s current earnings. The loans are granted for 6 months with no interest and no payments, followed by 48 months of principal and interest payments at an interest rate of 5.5%. Interest is paid at the beginning of the 7thNS Month. There are no early repayment penalties. Defaulted loans are subject to standard commercial debt collection procedures.

What are other requirements? Anyone with more than 20% stake in the applicant must personally guarantee the loan. Applicants must use the proceeds from future assistance programs to repay their loan under the Golden LEAF Rapid Recovery Loan Program.

What can the money be used for? Loan proceeds may only be used to maintain or restart a business. The use of the loan proceeds to repay existing debts for qualified business continuity or resumption can, however, be approved on a case-by-case basis.

How long will it take to get the money? While the program partners have not provided approximate timeframes for these loans, the program partners have stated that they are committed to assisting businesses as soon as possible and they will respond as soon as possible after a business is granted a loan has requested.

How do I apply for a loan? You can find applications online here. In addition to completing an online application, applicants must submit tax returns, income statements, and bank statements.

More information about the Golden LEAF Rapid Recovery Loan Program can be found here here. You can also call 800-228-8442 for more information.

Brooks Pierce is committed to keeping our customers fully informed during the COVID-19 crisis.


About Alexander Estrada

Check Also

How to get a quick loan in an emergency – here are five options

[ad_1] Representative picture New Delhi: Although an emergency or unexpected circumstance can arise at any …

Leave a Reply

Your email address will not be published.