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Alamance Community Recovery Loans


The Alamance Community Recovery Loans program is a source of funding for small businesses and nonprofit organizations in Alamance County, NC. The funds are being made available to help eligible borrowers meet the economic costs faced by COVID-19, including: 

  • Working capital
  • Business rent or mortgage
  • Employee and/or independent contractor pay
  • Business redesign equipment
  • Restocking of inventory
  • PPE purchases
  • Other costs of re-opening for business in compliance with COVID-19 requirements

Black women_business_outdoors

Borrow up to $25,000


Borrower Eligibility

  • Primary place of business is in Alamance County, NC 
  • Business or organization that had 25 or fewer full-time equivalent employees (FTE) as of March 1, 2020. 
  • In business continuously since April 1, 2019. 
  • No unsatisfied judgments, tax liens or bankruptcy proceedings within the past year. 
  • Credit reports will be reviewed. If borrower has no credit score, or a credit score under 550, then borrower credit history will be reviewed on a case by case basis.   

Loan Terms

  • Loan amount will be based on:
    • Payment that could have been afforded pre-COVID-19.
    • No more than 6 months of pre-March 1, 2020 expenses (2019).
  • Repayment duration up to 6.5 years depending on the loan amount.
  • No payments due for the first 6 months, if payment deferral is needed.
  • 4% fixed interest rate.
  • $10 fee payable at closing ($5 will go into a savings account for the borrower). No fee if loan not approved. 

Minority and women-owned business enterprise (MWBE) owners are strongly encouraged to apply.


Borrowers who have received loans through the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or EIDL are eligible, but only if Community Recovery Loan funds will be used for different purposes or time periods than the SBA loans. 


Key Steps in the Loan Application Process: 

  • Click on the APPLY NOW button to access the loan application.
  • You may contact the Small Business Center at Alamance Community College for help with completing the application (see contact information below).
  • Submit the application to Self-Help CU. You may contact Scott Schomburg in the Greensboro branch for details (see contact information below).

 

Scott Schomburg

City Executive

Self-Help CU - Greensboro

(336) 545-9916

Scott.Schomburg@self-help.org

Ervin L. Allen, Jr.

Director, Small Business Center at Alamance Community College

(336) 578-2002                                                 

(336) 506-4312

Ervin.Allen@alamancecc.edu 

alamancecc.edu

Program Partners

Logos_Alamance_Foundation-Commission-Chamber

The Alamance Community Foundation, Alamance County Government, and the Economic Development Foundation of the Alamance Chamber have partnered to provide a small business loan program to assist for-profit and nonprofit businesses in Alamance County. This program provides low-interest, flexible loans to small businesses in the community. With each borrower repayment, the payments are deposited back into the revolving loan fund to make future loans available to Alamance County small businesses.

Alamance Community College logo

The Small Business Center at Alamance Community College helps business owners develop and grow critical business skills that are vital for growth and sustainability. The Center is staffed and structured to train, educate, develop and support nonprofits, small businesses and entrepreneurship across Alamance County, and is a key partner in this community recovery program.