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Carolina Small Business Development Fund comes to Kinston
Another opportunity for small businesses in Kinston to acquire loans after a disaster became available Thursday when the Carolina Small Business Development Fund came to town to offer its services.
Larry Biggs, business development officer for the Small Business Development Fund, a nonprofit, said when state legislators enacted the Disaster Recovery Act in 2016 it provided more than $100 million in disaster recovery funds.
Of those funds, $5 million appropriated to the GoldenLEAF Foundation, was earmarked for small businesses impacted by Hurricane Matthew and tropical storms Hermine and Julia, and wildfires that occurred in the western part of the state, Biggs said.
Hurricane Matthew, which devastated parts of Kinston in October of last year and damaging floods from the tropical storms impacted more than 30,000 businesses statewide and displaced nearly half a million employees, Biggs said.
The $5 million set aside for small business recovery was provided as gap financing to businesses that might need more than loans already acquired and to help those who might have been turned down for a Small Business Administration loan, Biggs said.
Nearly a year since Hurricane Matthew, Biggs said he is seeing more economic injury loans being issued than recovery or rebuilding loans.
The economic injury loans are for small businesses that lost revenue due to a disaster, like when workers could not make it to their place of employment and the business may have been closed. Businesses are also eligible for those loans if they stayed open and were not damaged but may have lost revenue because they could not ship their products due to flooding, Briggs said.
Biggs said business owners would have to use their businesses as collateral for the loan.
Adrian King, of the Kinston Area Recovery Efforts, said a surprising effect of Hurricane Matthew that is lingering is infestation of termites in buildings that were flooded. Kinston Area Recovery Efforts is a nonprofit formed after Hurricane Floyd in 1999 to help with the long term recovery in Kinston.
Theresa Williams, with Kinston Promise Neighborhood, said she was also seeing termites and mold in some of the buildings. Kinston Promise Neighborhood is a nonprofit that creates a network of academic, family, and community support to help children in East Kinston succeed.
Biggs said a lot of environmental issues have surfaced that are associated with the disasters.
Lillie Williams of Perfecting Destiny, another nonproift and coaching service, said she was there, as the others were, to learn what was available so she could better help her clients.
Patrick Doran, vice president of business development for the Carolina Small Business Development Fund, said he did not think nonprofits were eligible for the funds that were available. But Carolina Small Business Development Fund did have other sources to help, he said.
Before the roundtable discussion, the Kinston Chamber of Commerce hosted a ribbon cutting in front of its building on Queen Street for Carolina Small Business Development Fund to bring awareness to the organization that is headquartered in Raleigh and has a office in Greenville.
Read the original here:
Businesses get another option for disaster recovery – Kinston Free Press
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