Orange County, Town of Carrboro Approve Emergency Funds to Aid Small Businesses

The Board of Orange County Commissioners and the Carrboro Town Council both held teleconference meetings on Tuesday night. Both discussed how their respective government can help small businesses during the COVID-19 outbreak, ultimately approving emergency loan and grant programs.

It was the first business meeting for both the Carrboro Town Council and the Board of Orange County Commissioners since Governor Roy Cooper made an executive order requiring restaurants to stop serving dine-in customers. Since that order, he’s also passed one mandating entertainment businesses close. Even with many businesses not falling into those categories, many are having to close their doors to promote social distancing or because few people are visiting in-person.

Both Orange County and Carrboro took measures to help those suffering from the COVID-19 outbreak. Orange County’s Board of Commissioners approved an Emergency Small Business funding program, which will provide emergency loans and grants to qualifying businesses. Applications are available for zero-interest loans up to $20,000 with repayment over five years, as well as up to $5,000 grants. Eligible businesses must be for-profit, open in Orange County, in operation for more than a year and must show loss statements due to the coronavirus.

The Town of Carrboro’s aid program is similar, with the town council reworking the existing Small Business and Non-profit Emergency Fund to receive applications for ones affected by the ongoing pandemic. The town’s web page says the fund is meant to specifically help businesses low on capital to retain employees, like ones with short-term payroll. Carrboro is offering up to $25,000 in zero-interest loans, with a committee determining the length of the repayment. The Carrboro-based businesses must have at least two full-time equivalent employees and the applicant’s individual credit score must be at least 620.

Applications for both Carrboro and Orange County’s funds opened on Wednesday. Carrboro’s will remain open until April 1, with Orange County’s closing on April 13.

To apply for Orange County’s Emergency Small Business funding program, visit its web page. To apply for Carrboro’s Small Business and Non-profit Emergency Fund, visit the town’s website.