HomeCOVID Financial Support

COVID Funding Support

Is funding drying up in the Investment Crowdfunding markets?

No.  In fact, it’s done the opposite.  We’ve teamed up with our partner Broker Dealer, Localstake, to make it easier & less expensive for main street businesses to access capital.

  • Update as of April 2nd: No.  Markets still haven’t slowed down.  Businesses are pivoting to remain viable.  New companies and industries are being created.  It’s an exciting time to see the opportunity being created by entrepreneurs for investors and more importantly, the opportunity for the broader community to thrive during this time.  #KeepItFlowing!
  • Update as of March 20th: It’s still too early to tell, but while the stock market was collapsing 30%+ from Feb 12 through March 20, the private investment markets were still running strong for those in the community who believe in local businesses that will be resilient through this storm. Activity has increased as compared to last year in the same time period.

 

Learn More: Here’s a related fireside chat / live Q&A we did in collaboration with partners to talk about this source of capital that has not dried up and in many cases is accelerating during this time.

 

What about Angels?

April 8: Word on the street from several Southeast groups is that there’s still dry powder out there:

  • Angel Networks may slow – if your business is still in the pipeline, you have a chance of being funded.  If you’re not, then it will be at least 60 days
  • Angel Funds – proceeding business as usual for existing and new applicants.

 

Angel Dry Powder

Check out this article from bizwomen

 

Fed / SBA

Summary of Options and the in’s/out’s of the programs below

Fed + SBA Loan Options for Startups and Small Businesses

Apply Now-> Application (est. time. ~15mins)

 

Payroll Projection Program (W2, 1099) – Under the program, small businesses with 500 or fewer employees including not-for-profits, veterans’ organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors are eligible for loans to pay up to eight weeks of payroll costs including benefits as well as other costs.  Information Sheet | Live Updates

 

Big Corp Giving Back

Verizon Small Business Recovery Fund Due by April 4, at 11:59pm

(Closed) The Truist – NCIFund Grant Program is providing grants of $5,000 to $25,000 to small businesses in North Carolina and neighboring states.

 

Other

Golden LEAF $15M funding NC COVID-19 Rapid Recovery Loan Program – enabling loans to be made to eligible businesses for up to $50,000 with zero interest and no payments for six months. If not repaid in six months, the loan will automatically convert to a term loan.

  • Mountain BizWorks issued NC COVID-19 loans are not designed to be a singular source of assistance for small businesses. Repayment is expected either from more permanent funding sources or from the future cash flow of the business.
    • Maximum loan size: $50,000
    • 6 months of no interest and no payments, followed by 48 months of principal and interest payments at 5.5% interest
  • Learn More and Apply

 

Restaurant Dining “Bonds” – Simple concept that allows for a $100 “bond” will be sold for $75 and can be cashed in for full value after the redemption date. (The money, however, is nonrefundable in the event that a restaurant closes permanently.) Read More  Places in the Triad and Queen City (and surrounding community) have already started to use these.  Thank you to our northern friends for the idea.

 

Angel Rutledge has compiled a list of financial and other resources.

 

CED has a list of COVID-19 Support Resources they have compiled as well

 

 

 

Disclaimer:  These programs are not guaranteed and terms can change at any time.  We’re posting this as educational content to try to aid the community.  All information may not be up to date at any point in time.  Please visit the respective links to learn more and explore options.