NCIFund makes emergency loans to help small businesses in North Carolina and West Virginia recover and adapt to the COVID-19 pandemic.


North Carolina Rapid Recovery Loans (NC businesses only)

NCIFund is one of 8 community lenders participating in this program administered by the NC Rural Center and Thread Capital.  Funding for the loans comes from the Golden LEAF Foundation and the NC General Assembly. Application deadline: October 15, 2020. Here is a summary of the program:

  • Eligibility: For profit businesses only, with fewer than 150 employees.
  • Amount: Loans are available for up to $250,000, based on the business's losses due to COVID-19 and current revenue. Loan sizes are approximately two months or more of current revenue. Documentation must be provided to show COVID-19 impact is greater than or equal to the loan size, which may include forecasted impact through December 30, 2020.
  • Interest Rate & Term: 18 months of nominal .25% interest and no payments, followed by up to 102 months of principal and interest payments at 5.5% interest.
  • Repayment: Expected from the future cash flow of the business. Proceeds from SBA emergency loans must be applied to the outstanding balance.
  • No prepayment penalties. 
  • Defaulted loans are subject to collections.

To learn more about eligibility and terms, visit ncrapidrecovery.org.

First time applicant? Visit ncifund.loanwell.com and click “Apply now.”

Did you apply for a Rapid Recovery loan previously?
Contact Abby Capote at: This email address is being protected from spambots. You need JavaScript enabled to view it., or 919-302-4661.


West Virginia Emergency Relief Loans (WV businesses only)

NCIFund has received funding from the Appalachian Regional Commission and the US Department of Commerce’s Economic Development Administration (EDA) to make affordable loans to WV businesses affected by the pandemic. Loans are subject to availability of funds.

Eligibility:

  • In business for at least one year as of February 15, 2020.
  • Employees: 100 or fewer.
  • Must verify loss of income due to COVID-19 pandemic.
  • Current WV Business License and current WV State Taxes.

Loan Terms Summary:

  • Amount: Capped at $100,000. Loan amount will be based on the business's losses due to COVID-19 and current revenue. Loan sizes are approximately two months of average business revenue.
  • Use of Proceeds: Only for working capital needs of the affected business. May NOT be used to refinance existing debt.
  • Interest: Fixed at 3.00%; no principal or interest payments for 1st six months.
  • Collateral: UCC filing on business assets. 
  • Personal guarantee: Any individual owning 20% or more of the applying business must personally guarantee the loan.
  • No prepayment penalties.
  • 1% origination fee, which may be added to the loan amount. 
  • Repayment: Defaulted loans are subject to collections. This is not a grant program.

Download a list of all terms and conditions here.

To learn more and begin the application process, please contact:

Southern/Central WV: Justin White, Business Lender
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Cell: 304-575-1462 

Northern WV and Panhandles: Kevin O’Connor, Senior Business Lender
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