Financial Support Programs for N.C. Farm Operations During COVID-19
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We’re compiling a list of financial programs to help North Carolina farmers impacted by COVID-19, which includes the resources outline below. As the novel coronavirus (COVID-19) pandemic continues to disrupt daily life and industry systems across North Carolina and the world, maintaining the food supply and supporting farmers and agribusinesses is essential to the long-term well-being of our families and communities.
- COVID-19 N.C. Rapid Recovery Program Launched for Small Businesses (Golden LEAF)
- Small Business Guidance and Loan Resources (SBA)
- Coronavirus Emergency Loans: Small Business Guide and Checklist
- Emergency Mini-Grants for Farmers Impacted by COVID-19 (RAFI-USA)
- American Farmland Trust | Farmer Relief Fund
The Farmer Relief Fund will award farmers with cash grants of up to $1,000 each to help them weather market disruptions caused by the coronavirus crisis. Initially, eligible applicants include any small and mid-size direct-market producers with annual gross revenue between $10,000 and $1 million.
- COVID-19 Rapid Response Fresh Grants (United Fresh)
United Fresh Start Foundation will fund (25) $1,000 grants to produce companies and foodservice distributors who can provide fresh fruits and vegetables to schools, community groups and other emergency feeding sites for those in need. If a distributor can donate at least $1,000 worth of produce (or more), the Foundation will reimburse them $1,000.
The Golden LEAF Foundation announced $15 million in funding to launch the NC COVID-19 Rapid Recovery Loan Program in response to economic losses related to the coronavirus (COVID-19). Funding will support loans to eligible businesses for up to $50,000 with zero interest and no payments for six months. If not repaid in six months, the loan will automatically convert to a term loan.
The Coronavirus Aid, Relief and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.
RAFI-USA will be distributing emergency mini-grants of $500 to North Carolina farmers who are drastically impacted by market sales disruptions caused by COVID-19. The mini-grant funds may only be used to cover personal household expenses; they are NOT intended to support farm operations. They are currently establishing eligibility criteria and developing an online application.
The Food Animal Concerns Trust (FACT) is offering opportunities for livestock and poultry producers to receive a mini-grant of up to $500.
Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where they operate. More details will be shared as they become available. You can sign up for updates.
Businesses across North Carolina are feeling the impact from the global crisis caused by the coronavirus pandemic, but there are various resources and agencies small businesses in North Carolina can turn to for support. Triangle Business Journal has compiled a list of statewide resources for businesses during this difficult time.
Find additional information and resources in the Farms & Agribusiness section.
Have other resources we should share?
We want to ensure we are providing meaningful guidance and resources, please let us know if you have feedback. We will update this site at least once daily throughout the pandemic. Submit your suggestions.
Related Article: You Decide: How Will the Economy Change After the Virus Crisis?