CARES Act Recovery Assistance


UDI Community Development Corporation (UDI/CDC) is recipient of a COVID-19 Recovery and
Resiliency Project award from the US Department of Commerce Economic Development Agency (EDA),
as part of EDA’s CARES Act Recovery Assistance. The award capitalizes a revolving loan fund of
$500,000.00 to address the economic development needs of small businesses and entrepreneurs
adversely affected by the coronavirus pandemic.

Who can apply?
Independently owned business located within Durham County, meeting the following criteria:

• Fewer than 50 employees and/or revenue of $2 million or less,

• Operated for at least 2 years prior to the pandemic,

• Demonstrates that financial obligations and operating expenses could have been met absent the
economic impact of the COVID-19 pandemic.

When and where can I apply? Applications are now being considered on a first-come, first-served
basis. On-line applications can be completed at:

What do I need to apply? Statement of how the current pandemic has adversely affected your business
and evidence demonstrating that credit is not otherwise available.

What other documents will I need to include in my application? Business and personal tax returns for
the most recent 3 years, copy of driver’s license, business formation documents, business financial
statements, most recent bank statement(s).

What can I use the loan for? Payroll, purchase of real property and equipment, working capital, lease
payments, other operating costs.

What is my interest rate and are there other fees? Interest rates are based on (1) repayment
ability of the borrower, (2) analysis of the borrower’s financial statements, and (3) current market rates. A  loan origination fee of 5% is due at closing (deducted from loan proceeds). Loan terms are up to ten
years, including a 6-month interest-only payment period.

For more information, email us at
Minority and women-owned business enterprise (MWBE) owners are strongly encouraged to apply.