LYONS, NEBRASKA – The Center for Rural Affairs has launched a recovery loan program to help Nebraska businesses and local economies recover from the pandemic. Loans of up to $50,000 will qualify for zero percent interest through 2021, and loans of up to $250,000 are available at reduced rates.
“Small businesses in almost every industry continue to cope with the economic impact of COVID-19,” said Kim Preston, Center for Rural Affairs’ Rural Enterprise Assistance Project (REAP) director. “The Center for Rural Affairs has assisted in many ways during this last year, from payment relief to disaster recovery trainings. We know this is a difficult time for many, and we hope these specialized loans will help out.”
Loan uses can include business recovery, business growth, new business start, working capital, equipment, inventory, and real estate. Up to $2 million will be deployed to qualified borrowers.
Eligible borrowers may qualify for six months of payment relief from the Small Business Administration under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Businesses who do not receive relief through the SBA may qualify for up to 6 months of Center for Rural Affairs deferred repayment.
At the beginning of the pandemic, the Center for Rural Affairs made emergency credit available to all qualifying Nebraska small business owners with Express Loans. These loans are still available for new and returning borrowers with credit needs of $15,000 or less.
In addition, staff working remotely as much as possible continue to provide coaching and resources to small business owners. These services are offered in both English and Spanish.
“Our borrowers are an important part of the communities we serve,” Preston said. “We are committed to supporting local businesses. We’re in this for the long haul.”
The Center for Rural Affairs, based in Lyons, Nebraska, has lent more than $21 million to Nebraska small businesses since establishing its REAP program in 1990.
Visit cfra.org/loans to apply. Current borrowers can contact their loans specialist or call 402.687.2100.