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.
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
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.