Burlington Reporter

The Alamance Chamber has partnered with the Alamance County Economic Development Foundation, Alamance County and the Alamance Community Foundation to provide loans to county businesses struggling from the COVID-19 pandemic through the newly created Community Recovery Loan Program.

The $300,000 loan program will help local businesses as they adjust to a new way of operation, the Alamance Chamber said in a release about the new fund. Businesses can borrow up to $25,000, with a 4% fixed interest rate.

"This program aims to have a strong focus on minority and women-owned businesses, as many of those were more significantly impacted and have had less resources available for recovery," the chamber said on its website. 

The program offers technical support and consultation in addition to loans, the Alamance Chamber said in the release. These services will be provided by the Alamance Community College Small Business Center and Self-Help. 

Any small business or nonprofit that was operating before the coronavirus pandemic is eligible to apply, the Alamance Chamber said in the release. Any business located inside the county and minority-owned business owners can also apply. 

Funds can be used to cover working capital, rent, payroll, equipment, inventory or the purchase of PPE.