RALEIGH, N.C. (WNCN) – Wake County commissioners approved the Wake Forward Small Business Program on Tuesday and that means millions of dollars will go to local small businesses impacted by the COVID-19 pandemic.
According to county officials, $5 million in federal funds will be coming to the county and $4 million of that is earmarked for small businesses.
Wake Forward will provide loans of up to $50,000 to small businesses in the county with 100 or fewer full-time employees.
At least $1 million will support independent contractors and sole proprietors, officials said.
According to county officials, “Small business owners who receive loans through the program will make no payments for six months. They will then be responsible for paying the principal, along with interest payments at 5.5%, for the following 48 months. There is no penalty for paying loans back early.”
For a full list of criteria to qualify, go to wakegov.com/wakeforward or call 919-212-4950.
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