COVID-19 Small Business Loan Program Opens Friday

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The application process for New Bern’s COVID-19 Small Business Loan Program will begin on Friday. The program, which was established by Swiss Bear and the New Bern Region Chamber of Commerce, is designed to provide short-term emergency loans to eligible small businesses located within New Bern city limits that have been affected by COVID-19.

Emergency funds can be used for business-related expenses, including rent, mortgage payments, working capital and / or other similar expenses that arise in the ordinary course of business.

According to the Chamber of Commerce, requests will be reviewed to ensure their completeness and proof of need on a first come, first served basis.

The loans will be administered by BEFCOR (Business Expansion Funding Corporation), a certified development company based in North Carolina and an economic development lender. Applicants should be prepared to provide BEFCOR with bank account and routing information.

The application link, https://downtownnewbern.com/new-bern-covid-19-small-business/, opens at noon on Friday, June 5.

Eligible businesses include:

– For-profit companies

– Located in the city of New Bern (jurisdictional limit)

– Employing at least 1 person

– Legally formed – verified by NC Secretary of State

– Operation (income generating) on ​​March 10, 2020

– Plan to remain open after the end of the pandemic

– Generate sales / income below $ 2 million

Ineligible businesses include:

– Any company that does not meet the eligibility criteria described above

– All Uber / Lyft drivers and other individual transport operations

– Non-profit

– Car dealers

– Property management of companies linked to owners

– Any business requesting a loan on a physical location where the business does not provide goods or services, but only rents the location to a tenant

– Franchises, listed companies or subsidiaries of listed companies

– Home-based businesses

– Vice-companies (vape shops, massage parlors, etc.)

– Common beneficial ownership of 10% or more of multiple business entities disqualifies the second application and all subsequent applications for consideration

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