If you are a local business owner employing fewer than 100 workers, there’s a no-interest loan available to you through the regional Kerr-Tar Council of Governments.
The “Open for Business” loans can provide up to $100,000 for qualified businesses who are in the process of getting back up and running after COVID-19 lockdowns and restrictions.
KTCOG Director Diane Cox stated the funds “are intended for use as working capital (rent, payroll, utilities), inventory, and/or equipment during shutdown and reopening.”
Cox notes one major change in qualifying for a loan is that business owners are not required to demonstrate a loss of revenue as a result of the pandemic.
Applicants must provide the following:
- 2019 & 2020 Tax Returns
- Year to Date Balance Sheet & Profit/Loss Statement
- Balance Sheet & Profit/Loss Statement for past 2 years
- Registration w/State of NC
- Photo ID
- Proof of Insurance
“Our goal is to help get local businesses back up and running,” Cox said. Applications and additional materials can be found HERE (https://www.kerrtarcog.org/revolving-loan-program/). Contact Cox at 252.436.2040 or visit https://www.kerrtarcog.org
