NCIFund makes emergency loans to help small businesses in North Carolina and West Virginia recover and adapt to the COVID-19 pandemic.


North Carolina Rapid Recovery Loans (NC businesses only)

This program is now closed. If you have questions about an existing Rapid Recovery program application being handled by NCIFund, please contact Abby Capote at This email address is being protected from spambots. You need JavaScript enabled to view it., or 919-302-4661.

 

West Virginia Emergency Relief Loans (WV businesses only)

NCIFund has received funding from the Appalachian Regional Commission and the US Department of Commerce’s Economic Development Administration (EDA) to make affordable loans to WV businesses affected by the pandemic. Loans are subject to availability of funds.

Eligibility:

  • 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.
  • Current WV Business License and current WV State Taxes.

Loan Terms Summary:

  • Amount: Capped at $100,000. 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. May NOT be used to refinance existing debt.
  • Interest: Fixed at 3.00%; no principal or interest payments for 1st six months.
  • Collateral: UCC filing on business assets. 
  • Personal guarantee: Any individual owning 20% or more of the applying business must personally guarantee the loan.
  • No prepayment penalties.
  • 1% origination fee, which may be added to the loan amount. 
  • Repayment: Defaulted loans are subject to collections. This is not a grant program.

Download a list of all terms and conditions here.

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

Southern/Central WV: Justin White, Business Lender
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Cell: 304-575-1462 

Northern WV and Panhandles: Kevin O’Connor, Senior Business Lender
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