New Funding Available for Existing Businesses
EDA CARES funds are available for existing business. Key facts about these loan funds include:
- 0% interest for the duration of the loan
- Loan terms 5 to 10 years
- Funds available for working capital, rent, utilities and other COVID related expenses
Contact Crystal Julien at 256-355-4515, ext. 228 for more information.
August 10, 2020
The Economic Development Administration (EDA) has awarded $770,000 in CARES Act Revolving Loan Fund Supplemental Disaster Recovery and Resiliency assistance grant funds to the North Central Alabama Regional Council of Governments (NARCOG). The funds will be used to respond to the coronavirus pandemic by capitalizing the Revolving Loan Fund operated at the agency. These additional funds will be used to provide financing to businesses and entrepreneurs adversely affected by the pandemic across the NARCOG region, which encompasses Cullman, Lawrence and Morgan counties.
“Many businesses have experienced challenges and hardship due to the economic slump as a result of the coronavirus” said Joey Hester, Director of Planning and Economic Development for NARCOG. “These loan funds will be available to assist these businesses recover and respond to new opportunities moving forward”, he added.
NARCOG has provided over $10,000,000 in funding to area businesses since 1998. The current Business Fund program offers traditional gap financing loans with competitive interest rates. The agency also offers a Microloan – direct loan program with a lower loan cap.
Visit www.narcog.org or call Crystal Julien, Business Fund Coordinator, at 256-355-4515, ext. 228 to learn more about funding opportunities through the NARCOG Business Fund.