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$770K in CARES funding goes to NARCOG

Special to the Enquirer  

The Economic Development Administration has awarded $770,000 in CARES Act Revolving Loan Fund Supplemental Disaster Recovery and Resiliency assistance grant funds to the North Central Alabama Regional Council of Governments.   

The funds will be used to respond to the coronavirus pandemic by capitalizing the Revolving Loan Fund operated at the agency. These additional funds will be used to provide financing to small businesses and entrepreneurs adversely affected by the pandemic across the NARCOG region, which encompasses Cullman, Lawrence and Morgan counties. 

“Many small businesses have experienced challenges and hardship due to the economic slump as a result of the coronavirus,” said Joey Hester, director of planning and economic development for NARCOG.  “These loan funds will be available to assist these businesses to recover and respond to new opportunities moving forward. 

NARCOG has provided more than $10,000,000 in funding to area businesses since 1998. The current Small Business Fund program offers traditional gap financing loans with competitive interest rates. The agency also offers a microloandirect loan program with a lower loan cap. 

Visit www.narcog.org or call Crystal Julien, Small Business Fund coordinator, at 256-355-4515, ext. 228, to learn more about funding opportunities through the NARCOG Small Business Fund. 

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