North Alabama non-profit trying to help small businesses survive coronavirus crisis

Loans are up to $25,000

Posted: Mar 23, 2020 4:53 PM
Updated: Mar 23, 2020 7:10 PM

A Huntsville non-profit is trying to help small businesses across north Alabama survive during Coronavirus.

Neighborhood Concepts Inc. works with about 100 businesses in north Alabama, and said they are trying to push these loans through to companies quickly to try to help them survive.

It announced today it's offering up to a $25,000 loan for small businesses in Huntsville that have been open for at least a year and can demonstrate a hardship because of Coronavirus.

The non-profit said businesses that are eligible for the money can use it to buy supplies, pay salaries or help pay their rent.

"Our small businesses that are already clients we heard from them last week, and they are struggling. Interestingly enough, right after the briefing, I looked at my phone and I already had three emails from folks sharing their story about their small business and their situation and interest in whether or not they can be helped," Mary Ellen Judah with Neighborhood Concepts Inc. said.

She said after six months the loan would be converted into monthly payments that would have a fixed 5% percent interest rate.

Judah said anyone who has been in business for less than a year doesn't qualify. She suggests those businesses reach out to their bank so if they could provide them with a loan.

The non-profit is answering phone calls and emails remotely. You can contact them at come for anyone looking for help and may qualify.

If you are looking for more information email or call (256) 534-0075 Ext. 404.

Neighborhood Concepts, Inc. is a Huntsville non-profit with a 30-year history of strengthening communities through the development of affordable housing and advancement of economic opportunity for underserved populations and in underserved communities. In 2015, NCI’s revolving loan fund was certified as a Community Development Financial Institution or CDFI by U. S. Treasury. To date, NCI has provided over $2,000,000 in capital to small businesses and entrepreneurs in north Alabama.

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