Open for Business Loan Program
The Kerr-Tar Regional Council of Governments Open for Business Loan Program helps finance existing local small to medium size businesses throughout a 5-county region recover from the COVID-19 crisis. Eligible businesses should be small to medium size (1-99 employees) existing businesses who have been in business for at least 12 months, and must be located in Franklin, Granville, Person, Vance, and Warren counties. Documentation providing evidence of a loss in revenue since the start of the COVID-19 pandemic is required. Business owners may apply for a 5-10 year, interest free loan ranging from $10,000-$100,000. All loans will require a personal guarantee and some additional collateral. Funds may be used for working capital and/or equipment and require an application fee of $200. Standard loan terms of 10 years on equipment and 5 years on working capital. Flexibility in payback period will be considered if requested and approved by the COG Board. Years of business operation and proximity to downtown areas are weighted preferences for loan approval.