PATRICK WOODIE: Rapid Recovery Program provides support to N.C. businesses and farms during COVID-19 crisis
Wednesday, Aug. 26, 2020 -- The Rapid Recovery Loan Program is serving businesses at the margin of survival in these trying times but of importance to their communities -- and may not have been served by other federal and state programs. Of the approved Rapid Recovery loans, 64% have been made to historically underutilized businesses, which are primarily women- and minority-owned businesses, two groups that been disproportionately affected by the coronavirus pandemic. Additionally, 75% of the Rapid Recovery Loans administered so far have been to companies with fewer than 10 employees.