Small Business Emergency Loan Program (COVID-19)

The application filing period for the Apex Loan Program has now closed. However, businesses may still apply for the NC COVID-19 Rapid Recovery Loan. Please click here.

Purpose:

The purpose of the Small Business Emergency Loan Program is to assist established small businesses in Apex that are experiencing financial hardships due to the impacts of the COVID-19 pandemic. This loan is intended to provide funds to a business for a short period to help get the business through the emergency.  

General Terms & Eligibility:

• For-profit businesses located within Town of Apex corporate limits or ETJ
• Minimum of one year in operation
• Loan maximum is equal to 2 months revenues, not to exceed $50,000 per business
• 6 months no payment and 0.25% interest followed by 48 months fully amortized principal and interest at 5.5%
• Potential for months 7-12 to be interest only payments
• No origination or lien filing fees
• Credit score is weighed into the question in tiers ranging from 575 to 700
• Personal guarantee of all those with more than 20% ownership in the business

Process:

• The NC Rural Economic Development Center will act as Administrator for the Loan Program.
• Each business must complete an online application to determine eligibility.
• The filing period for applications begins on May 4, 2020 and ends on May 18, 2020.
• To apply, please click the following link: EMERGENCY LOAN APPLICATION

Note: This link will take you to a page on the NC Rapid Recovery website for the application. The page will be titled NC Rapid Recovery.

Documentation Required:

• Credit Report with Credit Score
• 2018 Business Tax Return
• 2019 P&L or 12 months of bank statements
• 2018 Personal Tax Returns
• Proof of lost revenue based on 3 months bank statements or letter from borrower stating impact of COVID-19
• Proof of business ownership
• Copy of Driver’s License 

View the full press release from May 4, 2020.

View the full press release from April 22, 2020.