NCIFund is providing NC COVID-19 Rapid Recovery Loans as as vital resource to help North Carolina small businesses adapt in the face of the coronavirus crisis. The Rapid Recovery Loan is primarily designed to be a timely source of bridge financing until businesses can access SBA Disaster or other federal disaster funding.

NOTE: As of March 26th, the existing funds are oversubscribed. We do expect more funding for the program, so PLEASE COMPLETE AN APPLICATION TO GET YOUR “HAT IN THE RING!” See instructions below.

This is not a grant program

NC COVID-19 loans issued by NCIFund 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.

Loan details

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

  • Loan size is capped at approximately two months of current revenue.
  • Six months of no interest and no payments, followed by 48 months of principal and interest payments at 5.5% interest.
  • Interest will begin to accrue on any unpaid balance at the beginning of the seventh month.
  • There are no prepayment penalties.
  • Defaulted loans are subject to collections.

Who is eligible?

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


  • 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.
  • 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.

Logistics & timeline

  • Businesses interested in applying should be prepared to complete an online application and provide tax returns, profit and loss statements, and bank statements.
  • The lending partners in this program (including NCIFund) are committed to moving as fast as possible to assist businesses. They will be in touch with applicants as soon as possible.
  • Loans are subject to availability of funds.

How to apply

The next step is to continue to the statewide application portal. CLICK HERE to access the statewide application hosted by Thread Capital to complete your full application. IMPORTANT: To ensure your application gets back to us in a timely fashion for review, make sure to choose Natural Capital Investment Fund on the ‘Referral Information’ step in the application form (it’s approximately Step 5 and looks like the screenshot below).

App screen shote part 1

App screen shot part 2













Program partners

The NC COVID-19 Rapid Recovery Lending Program has received initial funding in the amount of $15 million from the Golden LEAF Foundation. The program represents an agile partnership between community development financial institutions (CDFI) across the state, including NCIFund.  Our goal is to provide rapid response to the needs of NC small businesses. Special thanks to the Golden LEAF Foundation, the NC Rural Center and Thread Capital for coordinating and administering this important program.