Covid19 Business Grants and Loans


Need emergency funding for your small business? Learn more about loan programs and select grant opportunities for small businesses affected by Covid-19. 


Loan Programs


NC COVID-19 Rapid Recovery Lending Program

Supported by the Golden Leaf Foundation, the North Carolina COVID-19 Rapid Recovery Lending program supports North Carolina small businesses and family farms as they recover from the economic impact of COVID-19. This rapid recovery loan helps small businesses bridge the gap between when crisis strikes and when federal loans, insurance payouts, and other relief funds are approved, or businesses have time to recover. 

Loan Details

  • Loans are available for up to $50,000, based on the business’s current revenue.
  • Loan terms are six months with no interest and no payments, followed by 48 months of principal and interest payments at 5.5% interest.
  • Applicants must be a North Carolina small business affected by COVID-19 (all 100 NC counties are eligible).
  • Start-up businesses that began operations before March 23, 2020 are eligible.

Click here to learn more or to apply.

SBA Economic Injury Loans

The US Small Business Administration is offering designated states, including North Carolina,  low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).  

The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. 

Update (June 16): The SBA is now accepting new applications for Economic Injury Disaster Loans (EIDL) and Advances again.

Learn more about these loans or apply.  


Grant Programs

LISC Small Business Relief Grant Program

Thanks to a significant grant from Lowe’s, LISC will provide the emergency assistance that small businesses desperately need to stay afloat. Grants will be deployed to help business owners bridge the financial gap, and provide guidance to help navigate the intricate web of public and private resources now available. LISC will focus these efforts on historically underserved communities—especially those enterprises owned or led by minorities and women, who often lack access to affordable capital.

About the Grants

Grant eligibility requirements will be communicated once the next application is open. Non-profit organizations are ineligible for this particular relief funding program.  Be sure to check LISC’s Covid-19 Resource Page: https://www.lisc.org/covid-19/covid-resources/ for the latest resources available to nonprofit organizations and individuals.  

The Round 4 application period is now closed. Please register here to be notified of the next round opening July 27. 

Visa/IFundWomen Grant Program for Black Women-Owned Businesses

Visa has extended its partnership with IFundWomen to support Black women-owned small businesses in the United States through a new grant program and educational resources. These grants provide an opportunity for recipients to grow their businesses and continue to offer much needed services to their local (and global) communities. Applications are being accepted from June 30, 2020 through July 31, 2020.

Click Here to Apply 

The Red Backpack Funds for Female Entrepreneurs by Sara Blakeley

The Spanx by Sara Blakely Foundation has donated $5 million to support female entrepreneurs in the wake of COVID-19 and has teamed up with GlobalGiving to establish The Red Backpack Fund. The goal of The Red Backpack Fund is to provide the opportunity for women-owned small businesses and nonprofits to continue to operate and thrive. The Fund seeks to elevate women in this time of need.  GlobalGiving is making at least 1,000 grants of $5,000 each to female entrepreneurs in the U.S. to help alleviate the impact of the crisis. 

Eligibility

  • You are at least 51% majority-women owned
  • You have withheld payroll taxes for at least one employee in addition to yourself (unfortunately, we are unable to accept applications from sole proprietors or individuals who exclusively employ contractors at this time)
  • You are registered in the U.S. and its territories as a legal entity and have a valid EIN number
  • You have fewer than 50 employees
  • Your annual revenues did not exceed $5M in any of the past three years
  • You are 18 years or older

Application

Each month from April to August, GlobalGiving will accept fund applications. The April, May, and June cycles are now closed but two more rounds remain. The application portal will open at 12 p.m. ET and close at 12 p.m. ET the following dates:

  • July 6-13
  • Aug. 3-10

Learn More about The Red Backpack Fund or Apply

Hennessey Unfinished Business

Unfinished Business is a new program by Hennessy that provides immediate relief and long-term support to Black, Asian, and Latinx small-business owners. Black, Asian, and Latinx business owners have always had to overcome great obstacles to success. And in the era of COVID-19, these individuals are fighting harder than ever against a range of inequalities that stand in their way.

Hennessy is launching Unfinished Business, a new program that will provide urgent funding and access to vital resources for the small business owners who bind our communities together.

Sign up to receive updates about the Unfinished Business program


PayPal Grant for Black-Owned Businesses

PayPal is committing $10 million to Black-owned businesses impacted by COVID-19 or civil unrest. These grants will provide direct support to business owners to cover expenses related to stabilizing and reopening their businesses. The fund will be managed in partnership with Association for Enterprise Opportunity, a leading national nonprofit expanding economic opportunity for Black entrepreneurs through its Tapestry Project.  

These grants will focus on providing support to Black small business owners to cover expenses related to stabilizing and reopening their businesses that have been impacted by COVID-19 or civil unrest. Applicant must be small business owners (under 50 employees, with revenue less than $1 million) operating as of May 2019. Sole proprietors, independent contractors, and self-employed persons are welcome to apply. Additional requirements may apply. Funds can be used for expenses related to payroll, benefits, interest on mortgage obligations, rent, utilities, and repairs. 

Click Here to Learn More and Apply



Save Small Business Fund

The Save Small Business Fund is a grantmaking initiative offering short-term relief for small employers in the United States and its territories. Funded by corporate and philanthropic partners, the Save Small Business Fund is a collective effort to provide $5,000 grants to as many small employers as we can. We hope these supplemental funds will help you get through the next days and weeks.  Grants will be awarded on a weekly basis, but you only need to apply one time to be eligible for funding. To apply, you must run a small business or chamber of commerce with between 3-20 employees (including yourself and not including independent contractors). The business must be located in an economically vulnerable community, and have been harmed financially by the COVID-19 pandemic. This is defined as the bottom 80% of the most economically distressed zip codes in the United States, as ranked by the Distressed Communities Index.  

Learn More about these loans or apply

Hello Alice Grants

This opportunity offers immediate grants of $10,000 to businesses affected by the coronavirus pandemic. 

Learn More and Apply