FOR IMMEDIATE RELEASE: October 1
Thread Capital's Hurricane Florence Rapid Recovery Loans Helping Small Businesses in the Wake of the Storm
Loan fund established to assist small businesses affected by the storm is gaining steam
Raleigh, NC -
Thread Capital, a nonprofit subsidiary of the NC Rural Center, announced today that it has closed its first four Hurricane Florence Rapid Recovery Loans. The Rapid Recovery program is designed to support the state's small businesses and family farms as they recover from the storm. This bridge loan program helps small businesses close the gap between when the disaster strikes and when federal loans, insurance payouts, and other disaster relief funds are approved.
The program was launched in advance of Hurricane Florence; however, it wasn't until now, when small businesses are beginning to deal with the fallout of the storm, that applications have begun pouring in. As of Monday morning, the Thread Capital team has received 47 loan applications from a spectrum of businesses that, between them, have requested over $1.5 million in rapid recovery funding.
Ryan Gibbs, of Gibbs Management Services in Wilmington, NC, received a $50,000 Rapid Recovery loan from Thread Capital on September 26.
"The money is deposited and the loan will save my business," said Mr. Gibbs, whose small business contracts with local municipalities and nonprofits to provide pre-prepared meals for their local Meals on Wheels programs. "It will save Meals on Wheels for the three surrounding counties. It will save my employees from losing their jobs. I couldn't get the help I needed from my insurance company or local Social Services but Thread Capital was there to help!"
Owners of small businesses with at least one employee (including the owner) that have been impacted by Hurricane Florence can apply for loans up to $50,000. Loans are made for 6 months and are interest-free (0% APR) for that term. To be eligible, a business must have been established prior to August 1, 2018, and demonstrate economic or physical damage as a result of Hurricane Florence.
"Thread Capital was formed in early 2018 to provide support to NC's valued entrepreneurs. That support is never more needed than in the aftermath of a natural disaster like Hurricane Florence," said Thread Capital Executive Director Jonathan Brereton. "Small businesses are the heart of any robust and thriving community. The Rapid Recovery bridge loan program will provide critical assistance to keep those businesses up and running while applicants wait for insurance payouts, SBA disaster loans, or other recovery programs."
The Rapid 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,
Business Link North Carolina (BLNC), and the Golden LEAF Foundation
. The first iteration of the program was launched in October of 2016 by the NC Rural Center in order to help businesses recover more quickly from Hurricane Matthew.
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About Thread Capital
Thread Capital believes everyone deserves the chance to be successful. We give people the tools they need to pursue their small business dreams and create a better tomorrow for themselves, their families, and their communities.
For media inquiries:
Senior Director of Public Affairs
NC Rural Center & Thread Capital