Person County, NC Launches COVID PIVOT Impact Loan

The Person County Economic Development Commission's COVID PIVOT Impact Loan program will provide short-term assistance to small businesses.


https://businessfacilities.com/2020/04/person-county-nc-launches-covid-pivot-impact-loan/
The Person County Economic Development Commission's COVID PIVOT Impact Loan program will provide short-term assistance to small businesses.
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Person County, NC Launches COVID PIVOT Impact Loan

The Person County Economic Development Commission's COVID PIVOT Impact Loan program will provide short-term assistance to small businesses.

Person County, NC Launches COVID PIVOT Impact Loan

Earlier this month in North Carolina, the Person County Declaration of the State of Emergency was amended to establish a program of short-term assistance to the local small business sector during the COVID-19 crisis. The amendment recognizes the vulnerability of small businesses in the current situation and seeks to provide a rapid response.

Person County, NC“As our small businesses struggle during this difficult time, I am pleased that we have found a way to reach out to them and offer support,” said County Commission Board Chairman Ray Jeffers. “Their success is critical to our local economy. The intent is that this rapid assistance loan program will provide some much-needed relief as they await federal assistance or a restored stream of revenue.”

That relief will come in the form of the COVID PIVOT Impact Loan, which will be administered by the Kerr-Tar Regional Council of Governments in conjunction with the Person County Economic Development Commission (EDC). Loans are available in amounts of $2,500 -$10,000. To qualify as a small business under the program guidelines, a business must have 1-49 employees and be principally based in the county.

EDC Chairman Phillip Allen lauded the program: “The Person County Economic Development Director, Sherry Wilborn, with the assistance of the County Manager, County Attorney and the County Commission Board have all shown strong leadership and support for the rapid implementation of the COVID PIVOT Impact Loan Program. This program will provide economic assistance to our small business community in a time when they need it the most. The EDC and all of our partners will always work hard to find ways to support the small business community in Person County.”

The COVID PIVOT Impact Loan Program is not a grant program. Impact Loans are intended as a source of responsive, low-interest capital to reduce the economic impacts of the COVID-19 pandemic on county small businesses. Repayment is expected in accordance with the program terms.

For more details about eligibility, program guidelines, or to apply, interested businesses should visit the COVID-19 Resources page on the Person County EDC website or contact Sherry Wilborn for assistance at [email protected] or 336-597-1752.

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