LAURINBURG — Many local businesses are still reeling in the wake of damages inflicted by Hurricane Florence.
Last September, the Carolinas were slammed with Hurricane Florence which caused an estimated $17 billion in damages to residents and businesses, according to a release by the North Carolina Office of State Budget and Management in late October.
Fortunately, programs such as the Resilient Recovery Loan Program serve to provide relief for businesses who have suffered major losses in the wake of Hurricane Florence.
According to a release made Tuesday by Thread Capital, a nonprofit subsidiary of the NC Rural Center, “Owners of small businesses with at least one employee (including the owner) that have been impacted by Hurricane Florence can apply for Resilient Recovery Loans of up to $250,000.”
Additionally, to be eligible for these loans, a business must provide evidence of substantial “economic or physical damage” following Hurricane Florence, as stated by the release.
However, the loan program seeks to not only support the recovery of businesses on a short-term basis, but to aid business owners as they prepare to navigate their future along with any amount of unforeseeable circumstances it may bring.
“Resiliency is the key driver from our end,” said Jonathan Brereton, executive director of Thread Capital. “We hope to fund somewhere between 80 and 100 businesses for a total of $10 million.”
Thread Capital also specializes in rapid recovery loans.
These loans are dispensed to businesses sometime between the period of a disaster and the insurance payout and serve to cover short term expenses and recovery efforts from natural disasters.
According to the release, “The Rapid Recovery Loan, launched by Thread Capital even before Hurricane Florence had made landfall, is an expedited bridge loan for up to $50,000 at 0-percent interest for six months. The short-term capital helps small businesses to immediately stabilize in the aftermath of a storm by covering things like cleanup costs and lost revenue.”
Additionally, Thread Capital has also launched programs and initiatives such as Homegrown Leaders, Regional Leadership and Project Development and Rural Economic Development Institute (REDI) to promote strong leadership within small businesses and rural communities.
So far, Thread Capital has trained 1,200 REDI graduates.
As stated by the release, “The Resilient Recovery Loan program is a partnership of Thread Capital, the NC Rural Center, the Small Business and Technology Development Center (SBTDC), the Community College Small Business Center Network, and Business Link North Carolina (BLNC). The Resilient Recovery Fund is supported by a grant from the Golden LEAF Foundation funded by the 2018 Hurricane Florence Disaster Recovery Act.”
To learn more about the Resilient Recovery Loan program or apply, visit www.threadcap.org/disaster-recovery.
Jessica Horne is a student intern from UNCP. She can be reached at 910-506-3024.