The Alamance Chamber has long been an advocate for small business and know they are key to a community’s economic health. We’re proud to be a partner in the organization and funding of a new Community Recovery Loan program.
The Chamber has partnered with Alamance County, the Alamance County Economic Development Foundation, and the Alamance Community Foundation to establish a small business revolving loan program for Alamance County businesses.
The program has been established through public-private funding from the Alamance County Economic Development Foundation and Alamance County Commissioners for $300,000 to initiate the program. The funds will be granted to the Alamance Community Foundation which will then work with Self-Help Credit Union to administer the loans. As a bonus, as loans are repaid, funds will be loaned out to new borrowers creating a revolving source of funding assistance for our business community.
“Many businesses in our community have been impacted by the Coronavirus and need a lifeline for recovery” said Mac Williams, President of the Alamance Chamber. “We are proud to announce this fund for local businesses to help them as they adjust and adapt their business not only to the current and post-COVID-19 economy but, importantly, for the longer term.”
Paired with the funding will be technical support from the Alamance Community College Small Business Center and Self-Help. The program wants to make sure businesses have not only the financial boost they may need, but also help to ensure they can address any business-related issues to maximize return on recovery efforts. Assistance can begin with help completing the application, then move to specific business issues such as legal, marketing or bookkeeping.
Want to learn more? Visit the Community Recovery Loan Program webpage for details, flyers in English and Spanish, and the link to apply.
Please share with business connections, associations, churches and other groups you think may be interested in the program.