The Kerr-Tar Region Council of Government’s “Open for Business” loan program continues to disperse money to small- and medium-sized businesses in its five-county area and Director Diane Cox said there’s still time to apply.
The Kerr-Tar COG received $1.1 million as part of the federal government’s effort to help businesses weather the COVID-19 storm. To date, a dozen small businesses across Vance, Granville, Franklin, Warren and Person counties have benefited from the program, Cox told John C. Rose on Thursday’s Town Talk. She said about $605,000 has been distributed, and if the rest isn’t used before the end of June 2022, it reverts back to the federal coffers.
She’d rather have the money be used locally to assist businesses as the economy continues to open up as pandemic restrictions loosen.
Anyone who owns a business with fewer than 100 employees is eligible to apply for the loan, which originally was designed to help companies that had seen a decline in revenue as a result of the pandemic. In addition, the loan criteria were made more flexible to make for easier access by small businesses. The local COG board decided to make the loans zero-interest loans, she said, which makes them even more appealing. There is flexibility in payback periods, she said, as well as other criteria that are required for regular loan programs such as providing proof that the business wouldn’t qualify for a conventional bank loan.
“We rolled the program out in the fall and had lots of requests,” Cox said, but then they hit a lull. Now the program is kicked off again and she said she hopes more applications come in.
She said, so far, approved applicants include restaurants, a transportation-related business, a small fitness center and an office supply organization.
“Most have been small businesses,” Cox said, from sole proprietors to companies with as many as 35 employees. “We’ve not seen the requests coming in from the 75-99 employee range,” she said, adding that the agency has been able to serve the businesses they were hoping would request the loans – and have helped keep the doors open and the economy moving along.
“We know that the reason our economy is thriving is because of our small businesses,” Cox noted. Small business is what keeps downtowns healthy and the Kerr-Tar COG wants to continue to focus on programs like the Open for Business loan program to help small businesses.
A committee made up of banking professionals and others involved in business and economic development meets to review and recommend application for approval by the executive committee, which has final approval for all loans.
Apply online at kerrtarcog.org and attach additional required documents to submit online. Cox said applicants can request to receive a copy of the application via email or by U.S. Postal Service. Call the office at 252.436.2040 to learn more. Cox or finance assistant Katie Conner can help answer questions.
