NCIFund makes emergency loans to help small businesses in North Carolina and West Virginia recover and adapt to the COVID-19 pandemic. SBA PPP Loans may also be available to businesses and non-profits in the Appalachian regions of these states: Georgia, Kentucky, Maryland, Ohio, South Carolina, Tennessee and Virginia.
 

SBA Paycheck Protection Program (PPP) Loans
(Until August 8, 2020 only)

  • PPP loans are available to current NCIFund borrowers, and non-profits & businesses who are unable to obtain a PPP loan from traditional lenders.
  • PPP loans are currently available through August 8, 2020.

To learn more about PPP guidelines and begin the application process with NCIFund, please contact: 
Kevin O’Connor, Senior Business Lender, This email address is being protected from spambots. You need JavaScript enabled to view it.


North Carolina Rapid Recovery Loans (NC businesses only)

NCIFund is one of 8 community lenders participating in this program administered by the NC Rural Center and Thread Capital.  Funding for the loans comes from the Golden LEAF Foundation and the NC General Assembly. Here is a summary of the program:

  • Amount: Loans are available for up to $50,000, based on the business's losses due to COVID-19 and current revenue. Loan sizes are approximately two months or more of current revenue. Documentation must be provided to show COVID-19 impact is greater than or equal to the loan size, which may include forecasted impact through December 30, 2020.
  • Interest Rate & Term:  Six months of nominal .25% interest and no payments, followed by 48 months of principal and interest payments at 5.5% interest.
  • Repayment:  Expected from the future cash flow of the business. Proceeds from SBA emergency loans must be applied to the outstanding balance.
  • No prepayment penalties. 
  • Defaulted loans are subject to collections.

To learn more about eligibility and terms and begin the application process, visit https://ncrapidrecovery.org/

IMPORTANT: To ensure your application is reviewed by NCIFund, choose Natural Capital Investment Fund on the ‘Referral Information’ step in the application form.

NCIFund West Virginia COVID-19 Loans (WV businesses only)

NCIFund has received funding from the Appalachian Regional Commission to make loans to WV businesses affected by the pandemic. Loans are subject to availability of funds.

Eligibility:

  • Must have been in business for at least one year as of February 15, 2020.
  • Employees: 100 or fewer.
  • Must verify loss of income due to COVID-19 pandemic.
  • Must have a current WV Business License and be current on WV State Taxes.
  • Must provide business tax returns for up to 3 years.

Loan Terms:

  • Amount: Capped at $50,000.  Loan amount will be based on the business's losses due to COVID-19 and current revenue. Loan sizes are approximately two months of average business revenue.
  • Use of Proceeds:  Only for working capital needs of the affected business.
  • Interest:  Fixed at 3.00%; no principal or interest payments for 1st six months followed by 36 months of principal and interest payments.  Interest begins to accrue at the time of disbursement.
  • Term:  Principal and interest payments based on a 60-month amortization; balloon payment due at 42 months.
  • Collateral:  UCC filing on business assets. 
  • Personal guarantee: Any individual owning 20% or more of the applying business must personally guarantee the loan. In the event no individual owns more than 20% of the business, NCIFund will determine which owners will need to guarantee the loan. 
  • No prepayment penalties.
  • Processing Fee:  $200, which can be added to the loan amount. 
  • Repayment: Defaulted loans are subject to collections.  This is not a grant program.  Loans are to be repaid from the future revenues of the business or may be repaid from the proceeds of future assistance programs, including SBA loans.

 To learn more and begin the application process, please contact:

  • Southern/Central WV: Justin White, Business Lender
    This email address is being protected from spambots. You need JavaScript enabled to view it., Cell: 304-575-1462 
  • Northern WV and Panhandles: Kevin O’Connor, Senior Business Lender
    This email address is being protected from spambots. You need JavaScript enabled to view it.