Many small and local businesses in the Kerr-Tar Region have been negatively affected by COVID-19. In an effort to provide support to those businesses, the Kerr-Tar Regional Council of Governments is rolling out the Open for Business Loan Program. This loan program is designed to help small to medium size businesses recover from the economic effects of this pandemic.
The Open for Business Loan is a non-forgivable interest free loan, ranging from $10,000-$100,000. Eligible borrowers are small to medium size (1-99 employees) businesses who have been in business for at least 12 months and must be located in Franklin, Granville, Person, Vance or Warren counties. Documentation providing evidence of a loss of revenue since the start of the COVID-19 pandemic is required. All loans will require a personal guarantee and additional collateral. Funds can only be used for working capital and/or equipment and require an application fee of $200. Standard loan terms are 5 to 10 years. To apply, visit www.kerrtarcog.org and click on the “Open for Business Loan” tab.
The Open for Business Loan Program is locally administered, funded by the US Department of Commerce, Economic Development Administration with funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Applications are available on the Kerr-Tar COG website at www.kerrtarcog.org.or by calling Kerr-Tar Regional Council of Governments at 252-436-2040. Applications should be completed as soon as possible as funding is limited.