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Small Business Emergency Loan Progam

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  2. The City of Lincolnton is of offering $300,000 in small business emergency loans to locally owned, non-franchise businesses located within the Lincolnton corporate limits during the COVID-19 state of emergency. Loans to eligible small businesses will be awarded in amounts up to $5,000 per month for up to three months, not to exceed a total of $15,000, to help cover operating expenses until state or federal assistance is available or until the economic crisis passes.

  3. PROCESS
    Applications will be reviewed weekly by a panel of city employees from various departments. The loans will be by direct payment from the city to the applicants on a first-come, first-served basis. The terms of the loans will be 36 months, with interest accruing at 6.75% per annum and will be unsecured. Payments to the City of Lincolnton will be deferred for the first 12 months, but interest will accrue during the deferred period. All loan agreements and terms will be documented by a promissory note as per the city attorney.

    ELIGIBILITY
    In order to be eligible for this loan program, the business must completely and properly fill out, sign, and submit an application and:
    • Have a physical location inside the city limits of Lincolnton from which the business currently operates or operated as of the State of North Carolina State of Emergency Declaration on March 10, 2020, to provide goods or services to the public
    • Have 50 or fewer employees
    • Cannot operate a corporate or chain store
    • Provide a W9 for the business
    • Business must be in compliance with Lincolnton zoning & business regulations

    WHAT BUSINESSES ARE NOT ELIGIBLE
    • Any business not meeting the eligibility criteria as outlined above
    • Any business applying for a loan on a physical location where the business does not provide goods or services, but solely leases the location to a tenant
    • Any business that would not be able to receive this loan assistance without causing a violation of NC law against conflicts of interest, including: businesses that are owned more than 10% by a City or Lincolnton Council member or public officer or employee making or administering this loan program or their spouses.

  4. If you have any questions about the loan program or submission process, email JDerby@LincolntonNC.org

    This application works best on a web-based browser. Although not required, it is recommended to use (or create) an online LincolntonNC.org website account and periodically save your form during the submission process.

  5. Please note:

    This application works best on a web-based browser. Although not required, it is recommended to use (or create) an online LincolntonNC.org website account and periodically save your form during the submission process.

  6. Lincolnton Small Business Emergency Loan Application

    Please review the eligibility criteria before applying. This loan program is available to eligible businesses who apply until the City of Lincolnton is no longer under the COVID-19 declared state of emergency, as may be amended from time to time, or such earlier date as the budgeted funds of $300,000 in the aggregate for all loans under this program are exhausted.

  7. *Must be within the city limits of the City of Lincolnton*

  8. Total loan for Month 1, Month 2, and Month 3.

  9. Include any owners, if applicable.

  10. Have you ever defaulted on a loan?*

  11. Have you ever filed for bankruptcy?*

  12. Electronic Signature Agreement

    By signing below, you are formally submitting this application and the attached supporting documents to the City of Lincolnton Planning & Zoning Department (mailing address: PO Box 617, Lincolnton, NC 28093).

    Agreement Statement
    I, the undersigned, hereby certify that:
    (1) I reviewed the eligibility criteria before applying,
    (2) I believe my business is eligible for this loan,
    (3) all information that I provided is true and accurate to the best of my knowledge,
    (4) I will provide additional information or documentation if requested by the city to confirm eligibility,
    (5) this business can receive this loan from the City of Lincolnton without causing a violation of NC law against conflicts of interest, and
    (6) I have authority to take out a loan on behalf of the applicant business.

  13. Please type out the full name of the business.

  14. If you have any questions about the loan program or submission process, email JDerby@LincolntonNC.org

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  16. This field is not part of the form submission.