Fayetteville Approves Small Business Loan Program During Pandemic :: WRAL.com

— The Fayetteville City Council on Monday approved a stimulus plan designed to help small businesses during the coronavirus pandemic.

The plan would give businesses that did not receive state or federal money the opportunity to apply for low-interest loans of about $5,000. mayor mitch Colvin He said that while the loans may be small, they may be large enough to prevent some operations from going out of business.

“Right now, times are tough and Wall Street is not as important as Main Street, or in this case, Hay Street,” said Fernando Duque, who had to move his Quack Quack Phone Repair to a space on Fayetteville’s Hay Street. after two malls it used to operate from closed amid the pandemic.

Duque said he plans to apply for a loan from the city.

“It would be very beneficial. We could definitely get more inventory, some interior accessories, and most importantly, security: the security of knowing that we’re not going out of business,” he said.

yeshello Shaw wants that security too. The stylist said she had to dip into her savings to stay afloat and, like Duque, she plans to run for a small business in town.

“What it would definitely do is help me reopen as well as cover the costs that I haven’t been able to cover in terms of supporting my business,” Shaw said.

Colvin He said the small business stimulus package was designed to help people like Shaw and Duque.

“If you’re an entrepreneur, if you own a business and basically make your money with the skills that you have, I think this is for you,” he said. “This is just a small amount that can help someone pay rent, buy supplies, or do whatever they need to do to get a fresh start down the road to recovery.”

Fayetteville has set aside $250,000 for the program, and loans are made on a first-come, first-served basis until the money runs out. The program will be carried out through the Center for Economic Empowerment and Development.

Raleigh began accepting applications for its own small business grant program on Monday.

The capital city set aside $1 million to help businesses with fewer than 49 employees and one store in Raleigh stay afloat. Grants are up to $10,000.

Wake County is also setting aside $5 million to help struggling businesses.

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