Loan program designed to help Lenoir Co. businesses rebound from Matthew

KINSTON, N.C. (WNCT) — The North Carolina Small Business Development Fund cut the ribbon in Lenoir County Thursday on a loan program for those affected by Hurricane Matthew.

It’s a “reliable, trustworthy loan fund for small businesses accessing capital through traditional sources of capital,” said Patrick Doran, vice president of business development at the North Carolina Small Business Development Fund.

Doran said the goal is to show small businesses they have not been forgotten.

“Small business that are kind of the heart of the community also supported to get back on their feet and thrive more if we do our job of getting this money out to them,” said Doran.

Kinstonian Family Buffet is still trying to catch up after the devastation from the hurricane.

“Some of the business has come back but a lot of it has not and what has come back, we’re still trying to pay the plumber, the electrician, and stuff like that,” said owner Sandra Jenkins. “The insurance would not pay.”

The $8,000 a year for flood insurance wasn’t enough.

“I’m not making anything, and the little I do make, I put right back into this building,” said Jenkins.

Jenkins hopes the loan program could help her.

“I would really, really — if I could get another loan I could put two new air conditioners in here,” said Jenkins.

The new loan fund acts as a complement to other disaster recovery programs.

The loans begin at $1000 with rates between 5 to 9 percent.

Nothing specifically disqualifies businesses from these funds.

 

 

 

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