Initiative Capital Disaster Recovery Lending

Organization:

North Carolina Institute of Minority Economic Development

Amount:

$183,512.57

Program Area:

Hurricane Matthew Disaster Recovery Loan Program

County of Applicant:

Wake

Year:

2017

Description:

This Golden LEAF grant will allow the Community Development Initiative to establish the Initiative Capital Disaster Recovery Lending 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 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.

Contact:

Ms. Kaye GanttPO Box 98148Raleigh, North Carolina 27624(919) 956-2341

Areas Served:

Region

Any project more than a couple of years old may not reflect current Board priorities.
Please contact a staff member with any questions.