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RALEIGH — Wake County is now accepting loan applications from small businesses and independent contractors who have lost revenue because of the pandemic.
The Wake Forward program began Wednesday. Four-year loans of up to $50,000 are available to businesses based in Wake County with 100 or fewer employees.
Loan payments will begin after six months. Interest will be charged at 5.5%. The funds are provided by the federal coronavirus stimulus package passed earlier this year.
“Local businesses and their employees have been hit hard by the effects of COVID-19, and the goal of this program is to help them find a way forward,” Wake County Board of Commissioners Chairman Greg Ford said in a statement. “During this time of uncertainty, Wake Forward provides immediate support for our small businesses and proprietors – as well as hope and stability for our entire community.”
The county has $5 million in funding available. Of that, $4 million will be given to small businesses and $1 million to independent contractors and sole proprietors.
Wake County Economic Development has created a business coalition to spread the word about the available loans, according to a press release.
“The announcement of the Wake Forward small business program reinforces that county leadership is dedicated to helping support the small business community,” said Danya Perry, director of equitable economic development at Wake County Economic Development. “Small businesses and sole proprietors are an important part of our ecosystem and provide goods and services that keep our community functioning. Providing support to these business owners, especially the historically underrepresented, is a big step in moving forward.”
Visit http://wakegov.com/wakeforward or call 919-212-4950 for more information.