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N.C. Small Business Loan Program Seeks More Applicants

(AP Photo/Matt York)

Officials in charge of allocating small business relief loans in North Carolina say that more than half of the available state funding remains unused. Loan terms have been changed based on feedback from previous applicants. 

The Rapid Recovery loans are designed to help small businesses struggling to stay afloat during the coronavirus pandemic.

The N.C. Rural Center says that out of $90 million in state funding available, $53 million is still up for grabs.

In a bid to help raise awareness, the center has increased the amount of money businesses can apply for and made some changes to loan terms and interest rates.

The Winston-Salem Journal reports there are several possible reasons cited for the slowdown in loan applications. Many businesses qualified for the federal Paycheck Protection Program, which did not require the funds to be paid back if certain requirements were met. It's thought that a number of business owners remain leery of taking on additional debt.

And some officials believe there has been confusion over the application process and the rules surrounding both state and federal loan programs.

The deadline to apply for Rapid Recovery loans is October 15th.

For the most up-to-date information on coronavirus in North Carolina, visit our Live Updates blog here. WFDD wants to hear your stories — connect with us and let us know what you're experiencing

Neal Charnoff joined 88.5 WFDD as Morning Edition host in 2014. Raised in the Catskill region of upstate New York, he graduated from Sarah Lawrence College in 1983. Armed with a liberal arts degree, Neal was fully equipped to be a waiter. So he prolonged his arrested development bouncing around New York and L.A. until discovering that people enjoyed listening to his voice on the radio. After a few years doing overnight shifts at a local rock station, Neal spent most of his career at Vermont Public Radio. He began as host of a nightly jazz program, where he was proud to interview many of his idols, including Dave Brubeck and Sonny Rollins. Neal graduated to the news department, where he was the local host for NPR's All Things Considered for 14 years. In addition to news interviews and features, he originated and produced the Weekly Conversation On The Arts, as well as VPR Backstage, which profiled theater productions around the state. He contributed several stories to NPR, including coverage of a devastating ice storm. Neal now sees the value of that liberal arts degree, and approaches life with the knowledge that all subjects and all art forms are connected to each other. Neal and his wife Judy are enjoying exploring North Carolina and points south. They would both be happy to never experience a Vermont winter again.

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