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Carolina Small Business Development Fund
www.carolinasmallbusiness.org


 

 

COVID-19 Update For Small Businesses 

We continue to monitor the developments around coronavirus (COVID-19) and we want to assure you that the safety and wellness of your business is one of our top priorities.  We are taking the spread of this virus seriously and we encourage all of our borrowers to do the same.  Our organization is also feeling the effects of the pandemic and we continue to explore strategies to provide you with the best service we can while navigating these uncharted waters.  We recognize that your small business is being impacted significantly and we will remain available to assist our small business borrowers in need of payment concessions during this difficult time.

If your small business is in need of a payment modification on your loan with us we want to assist you. For us to best assist you we ask that you send the following information.  Please note that the financial information we are requesting is to assist us in keeping our loan files compliant with certain requirements of SBA and various funders and to better address your needs. Please provide a brief explanation for any information that you are unable to provide.  You may submit the information to creditadmin@carolinasmallbusiness.org.  We estimate your loan modification request will be completed within 5 business days of your submission of the information requested, below:

  • A brief statement explaining how the pandemic is affecting your business.
  • Please provide us with a copy of your most recent three years business tax returns if you have not done so previously.  If you have not filed your 2019 business tax return please provide a 2019 year-end profit and loss and balance sheet
  • Please provide a copy of the last three years personal tax returns for all guarantors on the loan if you have not done so previously.
  • Please provide a completed Personal Financial Statement for all guarantors on the loan.
  • Please provide a 12-month projection, broken down on a month-by-month basis, for your small business.

We appreciate your assistance in providing the information that helps us stay compliant and we thank you for your trust as we successfully manage this very difficult situation together.

Please let us know if you have any questions!

Sincerely,
Kevin. S. Dick, CEcD
President & Chief Executive Officer
Carolina Small Business Development Fund


SBA Economic Injury Loans

 

The SBA COVID-19 Economic Injury Disaster Loans are now available to North Carolina small businesses. Apply online at disasterloan.sba.govSBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. For additional information, please visit SBA.gov/disaster.

For questions, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.


Follow COVID-19 Online Updates
For updates on COVID-19, please visit our page here for more information on loans, classes, virtual training and more. For more information, please contact Leslie Lewis at llewis@carolinasmallbusiness.org or Joe Battle at jbattle@carolinasmallbusiness.org or call (919) 803-1437 x244.
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Carolina Small Business Development Fund 

Copyright © 2020 Carolina Small Business Development Fund, All rights reserved.

Our mailing address is:
3128 Highwoods Blvd, Suite 170, Raleigh, NC 27604
Tel: (919) 803-1437  Fax: (919) 896-8612


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