Resilient Recovery Express Loan
Thread Capital
Funding Amount
$50,000 maximum for up to ten years
Funding Cycle
Rolling Applications
Description
The Resilient Recovery Express Loan helps small businesses close the gap between when the disaster strikes and when federal loans, insurance payouts, and other disaster relief funds are approved
Resilient Recovery Express loans were created to make sure your business can get funding to re-open as quickly as possible. Eligibility for funding is contingent on documentation of storm damage from a declared natural disaster. Funding is provided on a first-come, first served basis
Details:
- Loans are available for up to $50,000 (based on the business’s current revenue)
- Loan agreements require interest only payments for the first 6 months. The loan will then term out with monthly principal and interest payments for 60 months
- Interest rates are 1% for the first 6 months and between 4.99% and 9.99% for the final 60 months
- Resilient Recovery Express loan recipients have the opportunity to increase their loan up to a maximum of $250,000 through the standard Resilient Recovery loan
- There is no pre-payment penalty
- Defaulted loans are subject to commercial collection processes
Who Can Apply
Requirements:
- Applicants must be a North Carolina small business affected by a declared natural disaster
- Applicants must have at least one employee, who could be the owner
Other Requirements:
- Any individual with greater than 20% ownership in the applying business must co-sign the loan
- Proceeds from the Resilient Recovery Express loan may only be used for maintaining or restarting a business
- The use of loan funds to pay off debts already incurred for qualifying business maintenance or restart purposes may be authorized on a case-by-case basis
- Borrowers are required to use proceeds of any anticipated claims, outside loans, or financial assistance grants to repay their Thread Capital Resilient Recovery Express Loan
Additional Eligibility Requirements
Materials
- Download Resilient Recovery Express Loan informational flyer
All applicants must:
- Own and operate a legal for profit business in NC or plan to do so
- Be at least 18 years of age
- Have credit showing a successful repayment history
- Not have any active judgments, foreclosures, or federal obligations in default
- Sufficent cashflow to cover household and business expenses and this additional debt
How to apply:
https://loans.threadcap.org/agreements/new
Location(s)
North Carolina
Additional Information
If you have questions, contact the organization at connect@threadcap.org or (919) 212-4950
