State Rep. Donna White (R-Clayton) recently posted to her Facebook page about a change in the Rural Center’s COVID-19 small business loan program that offers more favorable terms to applicants. | Stock Photo
State Rep. Donna White (R-Clayton) recently posted to her Facebook page about a change in the Rural Center’s COVID-19 small business loan program that offers more favorable terms to applicants. | Stock Photo
With $53 million left to make loans to North Carolina small businesses, the state's Rural Center seeks more applicants before a Thursday, Oct. 15 deadline.
State Rep. Donna White (R-Clayton) on Sept. 15 promoted the small business loan program on her Facebook page, saying that the Rural Center is offering "more favorable terms" to applicants and can assist with meeting payroll, paying rent, or paying vendors.
The offering of better loan terms came after the Rural Center received fewer loan applications than initially expected, The News & Observer reported on Sept. 16. So far, the Rural Center has issued 1,062 loans to the tune of $37 million.
If the remaining balance is not loaned out to small businesses by the end of the year, Rural Center will have to return the funds due to requirements regarding the federal CARES Act money that funds the program, The News & Observer reported.
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