COVID-19 Loans

Haywood Recovery Fund

Haywood Recovery Fund Small Business Loans aim to provide a rapid source of assistance for Haywood County-based businesses that have been impacted by COVID-19 as well as businesses that have been impacted by Tropical Storm Fred. Updated 9/2/2021.

Learn more

This is not a grant program. Haywood Recovery Fund small business loans are designed to be flexible and rapid sources of low-interest loan capital to help local Haywood County businesses meet pressing needs and navigate the COVID-19 crisis as well as flooding from Tropical Storm Fred. Repayment is expected either from more permanent funding sources (like SBA Disaster Loans) or from the future cash flow of the business.

A collaborative effort

This fund is a collaborative effort between Haywood County, local municipalities, Haywood Advancement Foundation, Haywood County Chamber of Commerce, HCC Small Business Center, Mountain BizWorks, and other community organizations. Mountain BizWorks is the administrator of the emergency loans program, with details below. 


Loan details

Up to $25,000 and a minimum loan size of $2,500; loan amounts will not exceed a borrower’s level of disaster impact. Loan agreements are structured as follows:

  • 12 months of no payments required at 4% (interest accruing), followed by 48 months of principal and interest payments at 5.5% interest.

  • There are no prepayment penalties.

  • Defaulted loans are subject to collections.


Who is eligible?

  • For-profit businesses

  • Have a physical location and be principally based in Haywood County

  • Have between 1 (who could be the self­-employed owner) and 25 employees

  • Have been in business for at least 12 months

  • Demonstrated loss of revenue or other substantial direct financial impact from COVID-19 and/or the Fred Floods

  • Flood-impacted businesses using funds for rebuilding must comply with all relevant County, State, and federal rebuilding and recovery guidelines



  • Any individual with greater than 20% ownership in the applying business must personally guarantee the loan.

  • Proceeds from the loan may only be used for maintaining or restarting a business. Eligible uses include reopening expenses, payroll, accounts payable, inventory, fixed debts, or other bills the business is unable to pay due to disaster impacts

  • Agree to provide impact data

  • Borrowers are required to assign the proceeds of future SBA EIDL loans or other federal assistance programs to the repayment of their Haywood Recovery Fund Loan. (PPP funds and the EIDL advance portion are excluded from this)


Logistics & timeline

  • Applications will be accepted as long as funds are available.

  • Businesses interested in applying should be prepared to complete an online application (linked below) and provide tax returns, profit and loss statements, and bank statements.

  • The partners in this program are committed to moving as fast as possible to assist businesses. 

  • Loans are subject to the availability of funds. 


Apply Here


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