NC Rapid Recovery Loan Program

In response to the unique economic challenges of COVID-19, The Golden LEAF Foundation and the North Carolina Rural Center have partnered with community development financial institutions (CDFIs) to launch a recovery-lending program to help support entrepreneurs like you and stabilize North Carolina’s small business sector.


About the Program

The North Carolina COVID-19 Rapid Recovery Loan Program is a vital resource to help small businesses and family farms recover from the economic impact of COVID-19.

Rapid Recovery loans are designed to bridge the gap between when crisis strikes and when businesses have the opportunity to recover. This is not a grant program. Repayment is expected from more permanent funding sources OR from the future cash flow of the business.


Loan Details

Loans are available for up to $50,000 and are structured as follows:

  • Documentation must be provided to show COVID-19 impact is greater than or equal to the loan size, which may include forecasted impact through December 30, 2020.
  • Six months of deferred interest payments at 0.25%, followed by 60 months of principal and interest payments at 5.5% interest.
  • No prepayment penalties.
  • Defaulted loans are subject to collections.



  • Any individual with 20% or more ownership in the business must personally guarantee the loan.
  • Proceeds from the loan may only be used for sustaining or restarting a business.
  • Borrowers are required to assign the proceeds of future assistance programs, including SBA loans, to the repayment of their Rapid Recovery Loan unless the financial impact is not fully addressed by other programs.


Who is eligible?

  • North Carolina small businesses affected by COVID-19.
  • Applicants with at least one (1) employee, who could be the self-employed owner.
  • Existing or new businesses operating before March 23, 2020.


Logistics & Timeline

  • Businesses complete an online application which includes the following documentation:
    • Business tax returns
    • Profit and loss statements
    • 3 most recent 2020 bank statements
    • Covid-19 impact statement
    • Personal tax returns
    • Driver’s License or State ID
  • Credit reports will be required for individuals with 20% or more ownership.
  • Loans subject to availability of funds.


Click the link below to submit your application.

If you have previously applied for the Rapid Recovery loan through any of our lending partners (Thread Capital, Carolina Community Impact, Carolina Small Business, Mountain BizWorks, NCIFund, The Sequoyah Fund, Piedmont Business Capital), please DO NOT apply a second time. Rather, contact to inquire about the status of your application.

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