HUNTSVILLE, Ala. – Small businesses being impacted by the COVID-19 outbreak can get help from a Huntsville nonprofit.
Neighborhood Concepts Inc. is offering capital loans up to $25,000 through its subsidiary, the North Alabama Revolving Loan Fund, LLC. The loans are intended to help small businesses cover operating expenses in instances where their monthly income is insufficient to cover their monthly obligations due to circumstances related to COVID-19.
The loans will be structured as a non-revolving 6-month line of credit at a fixed rate of 5%, according to the group. Borrowers must have been in business for at least 12 months and be able to meet certain other eligibility requirements.
NCI hopes to have an electronic application available on its website later this week. Until then, e-mail firstname.lastname@example.org or call (256) 534-0075 Ext. 404.