Wake County small businesses can apply for loans up to $50,000
Wake County commissioners approved loans for up to $50,000 to small businesses at Tuesday afternoon's meeting.
Posted — UpdatedFor small, struggling businesses this could be a life-line.
The fund for the small businesses is called Wake Forward and has $5 million in it. Of the $5 million in funding, $4 million is going to help struggling small businesses and $1 million will be given to independent contractors and sole proprietors.
Repayment is expected on the loans --businesses have six months to get back on their feet. Then, they will have four years to pay off the loan plus interest. The loan will have no repayment penalties.
- A small business applying must be located in Wake County
- Applicants must have at least one employee but no more than 100 employees
- Start-up businesses that began before March 23 are eligible to apply
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