This Golden LEAF grant will allow the Carolina Small Business Development Fund to establish the North Carolina Disaster Recovery Loan Program. According to the Governor’s Office, 691 applications received from a total of 1,039 businesses requesting Small Business Administration (SBA) disaster loans were not approved. The program will provide an alternate source of loans for small businesses and farms affected by Hurricane Matthew but declared ineligible for SBA loan assistance. The program is expected to include flexibility for borrowers with limited resources and poor credit, including the opportunity for borrowers to request no interest and/or deferred payments for a defined period of time. Borrowers will use loan funds to address immediate recovery needs as a result of physical or economic injury and/or make resiliency improvements. The program will also provide technical assistance to businesses and provide a revolving source of funding for business recovery from future natural disasters. Golden LEAF funds will be used for loan capital and for operating support.
