Loan Terms:
- Loans are available for up to $5,000, based on the business’s current revenue.
- Six months of no payments required at 3.7% (interest accruing), followed by 36 months of principal and interest payments at 3.7% interest ( $153.71/monthly based on $5,000 loan ).
- There are no prepayment or early payoff penalties.
- Defaulted loans are subject to collections.
To Qualify:
- Be a for-profit business.
- Have a physical location and be principally based in Yancey County.
- Have between 1 (who could be the self-employed owner) and 49 employees.
- Have been in business for at least 12 months.
Loan Requirements:
- Any individual with greater than 20% ownership in the applying business must personally guarantee the loan
- Proceeds from the loan may only be used for maintaining or restarting a business. Eligible uses include payroll, accounts payable, fixed debts, or other bills the business is unable to pay due to the COVID-19 crisis
- Agree to provide impact data
- Borrowers are required to assign the proceeds of future assistance programs, including SBA loans, to the repayment of their loans.
- Loans are subject to the availability of funds
To complete your application we will need:
- The loan application (download below).
- A statement describing how COVID-19 has adversely impacted your business.
- A copy of your driver’s license.
- A copy of your Yancey County lease agreement or mortgage statement.
- Tax returns (business) 2018 & Profit and Loss statement for 2019.
- Tax returns (personal) 2018.
- Year-to-date Profit and Loss statement including balance sheet.
| Yancey County COVID-19 Small Business Relief Fund Loan Application |