To help Charlotte-area entrepreneurs and innovators impacted by the COVID-19 pandemic, the team here at Charlotte Inno has created a guide with help from the Charlotte Venture for America fellows. We will continually update this guide as more information becomes available. If you have additional resources to share, please let us know.
The following are resources for money and funding issues such as fundraising, loan programs and available grants.
Last updated April 9th, 2020.
Regional Resources
- The SBA works with a number of local partners to counsel, mentor and train small businesses.
North Carolina COVID-19 Rapid Recovery for Small Businesses Crowdfund NC- COVID Funding Support Global, National + Regional Resources Financial Assistance Tracker for Businesses
- This article is continually updated to provide summaries on resources available at the federal and state levels
CARES Act Information
- Summarizes proposed provisions of the CARES Act that are applicable to businesses. Note that this article was written based on non-final versions of the law, press releases, and other summaries.
“The technicality that’s denying emergency loans to U.S. startups” SBA Paycheck Protection Program
- The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses.
- If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest or utilities. Up to 100 percent of the loan is forgivable.
Additional information on the Paycheck Protection Program
Available Loans
- Direct link to apply for SBA Disaster Loans
- Details: Eligibility for Economic Injury Disaster Loans is based on the financial impact of the coronavirus. The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship. Applicants may apply online, receive additional disaster assistance information and download applications at the link above.
Coronavirus Financial Bridge Loans
- The Coronavirus Financial Bridge Loan Program provides unsecured cash loans up to $100,000 to U.S. citizens nationwide.
Honeycomb Crowdfunded Small Business Relief Loan
- Community-sourced loans for small businesses impacted by the coronavirus.
- Thread Capital’s COVID-19 Rapid Recovery Loan supports North Carolina small businesses and family farms as they recover from the economic impact of COVID-19.
LOAN FINDER (Loans for small businesses affected by the coronavirus)
- Where to find free or low-interest funding to keep you afloat.
Loan Information and Guidance
- Overview page of SBA loans to use as a starting place.
SBA Small Business Guidance & Loan Resources Step-By-Step Guide: How to Apply for SBA Disaster Loans
- Guide to applying to SBA Disaster Loans.
FAQ: 7 Common Questions (and Answers) About Loans for Disaster Assistance Legal Alert: SBA Economic Injury Disaster Loans
- Outlines legal considerations for small businesses applying to SBA Economic Injury Disaster Loans.
Navigating Your Business Through COVID-19
- Comprehensive guide with information on various SBA programs.
2 Important SBA Loans to Look Into Right Now
Available Grants
Alternative Forms of Funding
- A fund that will be gathering support from corporate, foundation and individual donors to provide micro-grants to independent food and beverage businesses in need.
Emergency Coronavirus Tipped and Service Worker Support Fund
- Providing cash assistance to restaurant workers, car service drivers, delivery workers, personal service workers and more.
Tax Resources
Fundraising
- If you have an existing brick & mortar business that has been negatively affected by the COVID-19 outbreak and you launch a capital raise on Mainvest, you may be eligible to receive a $2,000 zero-interest loan. Then through your capital raise, you can receive over $100,000 of investment from your community.
The Dos and Don’ts of Fundraising
- Watch the replay of this Ask Me Anything (AMA) featuring Techstars’ chief investment officer, Boulder managing director, and director of investment platforms. The AMA addresses issues such as how to avoid pitfalls when raising money and how to gain access to new educational resources for founders.
General Finance + Cash-Flow Advice During This Time
- Watch this 1-hour webinar to learn cash flow survival strategies to get through the coronavirus crisis. Includes actionable advice on short and long-term strategies.
Coronavirus Cash Flow Ideas: Speeding Up Your Cash Cycle
- Watch this video for ideas on how to speed up your cash flow now.
Coronavirus Cash Flow Ideas: Refinance Debt
- If you need to stretch your personal or business cash flow, consider refinancing your debt. Watch this video to learn more.
Coronavirus Cash Flow Ideas: Rent Strategies
- Watch this video for tips on how to use rent abatement to navigate a deal for paying rent with your landlord.
Coronavirus Cash Flow Ideas: 13-Week Forecasting
- Learn why you should forecast your costs week by week for the next 13 weeks, instead of more traditional forecasting timelines you may be used to.
What's Plan B? The Lifeboat Strategy for Your Startup
- Learn how to think about your company’s burn rate and runway, plan for uncertainty, rethink your business model, and communicate with investors
How to Handle a Cash-Flow Crisis Without Taking Out a High-Interest Loan
- Tips on steps you can take before taking out a high-interest loan, including paying your debts more slowly, asking your lenders for relief, and focusing costs on what is truly essential.
- Small Business Relief Tracker: Funding, grants and resources for business owners grappling with coronavirus.
Getting Financially Prepared for Tough Times
- Tips on getting financially prepared, including forecasting your costs, prioritizing your debt payments and considering government assistance.
COVID-19 Impacts on Financial Wellness - Updates
- This page provides regular updates on how the coronavirus is impacting different areas of finance, including taxes, 401ks, mortgage refinancing, student loans and more.
