NC COVID-19 Rapid Recovery Loans

Loans are available for up to $50,000, based on the business’s current revenue. Loan agreements are structured as follows:

  • Loan sizes capped at approximately two months of current revenue.
  • Six months of no payments, followed by 48 months of principal and interest payments at 5.5% interest.
  • There are no prepayment penalties.
  • Defaulted loans are subject to collections.
  • Any individual with greater than 20% ownership in applying business must personally guarantee the loan.
  • Proceeds from the loan may only be used for maintaining or restarting a business.
  • The use of loan funds to pay off debts already incurred for qualifying business maintenance or restart purposes may be authorized on a case-by-case basis.
  • Borrowers are required to assign the proceeds of future assistance programs, including SBA loans, to the repayment of their Rapid Recovery Loan.

About NC COVID-19 Rapid Recovery Loans continued

Who is eligible?

  • Applicants must be a North Carolina small business affected by COVID-19 (all 100 NC counties are eligible)
  • Applicants must have at least one (1) employee, who could be the self-employed owner.
  • Start-up businesses that began operations before March 23, 2020 are eligible.

City of Charlotte Micro Business Relief Fund

  • The City of Charlotte has partnered with LISC to deploy the Micro Business Relief Fund (MBRF).
  • The MBRF is a $1,000,000 fund created to provide grants to support microenterprises financially impacted by COVID-19.
  • The fund will provide grant capital up to $10,000 to eligible entities to assist in meeting urgent needs.
  • Funds may only be used for ongoing operational costs such as payroll, vendors, utilities, and rent.
  • The Fund is made possible by Community Development Block Grant (CDBG) funding provided by the Department of Housing and Urban Development.
  • CDBG is a type of federal funding with specific funding eligibility criteria.


  • To qualify for the program, applicant entities must meet the following requirements:
  • Be a microenterprise that is defined as a commercial enterprise that has five or fewer employees, one or more of whom owns the enterprise.
  • The majority owner of the microenterprise muse be a member of a Low to Moderate Income family with an annual income that is less than 80% of Area Median Income.
  • Located on the Opportunity Corridor Map as identified by the City of Charlotte in its current development and revitalization plan. (See areas highlighted in dark blue.) You may enter your physical business address to determine location eligibility.
  • Nonprofit organizations, liquor stores, check cashing agencies, gun shops, pawn shops and adult entertainment businesses are ineligible for this application.

The Housing Partnership

The City of Charlotte is partnering with The Charlotte-Mecklenburg Housing Partnership (The Housing Partnership) to provide mortgage assistance to homeowners who need help with mortgage payments due to COVID-19. Due to limited funding, applications will be approved, and assistance will be provided on a first come, first served basis.

Program Features

  • Assistance will be prioritized for homeowners with an active HouseCharlotte down payment assistance loan, and to other homeowners with an income of up to 80% Area Median Income (AMI) who have experienced a loss or reduction of income due to COVID-19.
  • The program provides up to 3 months of mortgage payments (principal, interest, taxes and insurance) as a grant to qualified applicants.
  • Approved applicants must attend foreclosure prevention counseling with The Housing Partnership.


  • Households with an income of up to 80% of AMI prior to loss or reduction due to COVID-19.
  • Homeowners must have been current on mortgage prior to loss of income due to COVID-19.

How to apply

  • Potential participants should complete the
  • Applicants will be notified of their application status via email within one week of applying.
  • Approved applicants will be required to provide the following documents:

1.Income verification (last two pay stubs)

2.Verification of Job Loss or Income Loss

3.Verification of Mortgage Payment (Mortgage Payment Statement)

COVID-19 Rent assistance Program coming soon