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SBA looks to credit unions in Carolinas to aid small businesses impacted by Coronavirus

Thursday, March 26, 2020   (0 Comments)
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The U.S. Small Business Administration (SBA) is looking for credit unions to partner with to deliver support to small business owners in North Carolina and South Carolina. In response to the economic impact of the Coronavirus (COVID-19) on small business and non-profits in the Carolinas, all counties across both states have been declared eligible for SBA’s Economic Injury Disaster Loans (EIDL) program.

“We’re very encouraged that banks and financial institutions are responding to the President’s efforts to mobilize an unprecedented public-private response to the Coronavirus (COVID-19) outbreak,” commented SBA Administrator Jovita Carranza in a recent news release. “As a result, most small businesses that need credit during these uncertain times will be able to obtain it. However, our goal is to ensure that credit is available to any and all small businesses that need credit but are unable to access it on reasonable terms through traditional lending channels.”

The program offers working capital loans to help small businesses, small agricultural cooperatives, small business engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. 

General information about the EIDL program is available at or you may download these state-specific fact sheets for North Carolina and South Carolina.

Additionally, under the stimulus package that passed the U.S. Senate on March 25, 2020 and is expected to pass the House today, the SBA will oversee the “Paycheck Protection Program” which will distribute $350 billion to small businesses that can be partially forgiven if employers meet certain requirements. Banks and credit unions will be among those that can facilitate these loans. NCUA is expected to hold a conference call in the coming days to provide further details for credit unions interested in participating.

Credit unions interested in learning more are encouraged to contact:

South Carolina:

Frank A. Anderson, MBA
Lender Relations Specialist & District International Trade Officer
South Carolina District Office
U.S. Small Business Administration 
(803) 253-3018
Cell (202) 845-4154

North Carolina:

Karen Hoskins
Lead Lender Relations Specialist
North Carolina District Office
U.S. Small Business Administration
(704) 344-6381

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