COVID-19 Resources for Small and Medium-sized Businesses

Thank you to our friends at Downtown Chapel Hill, Regency Centers and the Small Business Administration for sharing this important information. This blog post will be updated regularly as new resources come available.

Updated March 27, 2020: Click here to read the Independent Resaurant Coalition’s Summary of Business Provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) – U.S. Senate Bill – S. 3548, including:

  • Loan Forgiveness
  • Emergency Grants
  • Tax Incentives
  • Paid Leave
  • Paycheck Protection Program

 

Updated March 27, 2020:  Truist – NCIFund COVID-19 Grants available.  $1 Million in grants from $5,000 to $25,000 is available to businesses that have completed all application components, on a first come – first served basis.

Who is eligible?

Businesses in MD, NJ, NC, OH (Brown, Butler, Clermont, Hamilton and Warren Counties), PA, SC, VA, WV and Washington, D.C. (See below if you’re located in other areas).

· That were in operation as of August 1, 2019.
· That have no more than 10 full time employees and no more than $1 million in annual revenue.

Application coming soon. Click here for more information.

Updated March 22, 2020:  NOTE the Golden LEAF loan program is currently out of money and in the process of raising more funds.  

NC Golden LEAF has launched the NC COVID-19 Rapid Recovery Loan Program making businesses eligible for bridge loans of up to $50,000 w/ 6 months of no interest and no payments.

CLICK HERE FOR INFORMATION ON THE NEW LOAN PROGRAM.

The NC COVID-19 Rapid Recovery Loan Program will complement the SBA by providing a bridge until businesses can access funding from the SBA.

March 19, 2020:  The United States and state governments have established programs that may provide individuals and small and mid-sized businesses assistance to minimize the economic impact of the novel Coronavirus Disease 2019 (COVID-19). We encourage you to research any such programs that may be applicable to your situation or business. One of the major programs is through the U.S. Small Business Administration which will provide capital and liquidity to certain businesses affected by the coronavirus. Regency has put together this site for informational purposes only.

How to Get Started

Please visit the SBA website for guidance for businesses and employers impacted by Coronavirus Disease 2019 (COVID-19). On the SBA website, you will find:

Note: The SBA has approved the NC Governor’s request for a disaster declaration, and you may being the application process.

I’ve Been Impacted and Need Access to Capital

The SBA Loans page can connect you to lenders available to provide you the capital needed to keep the doors open during uncertain times. The Lender Match Program is a free referral tool that can connect you with participating SBA-approved lenders.

I’m Not Certain What to Do and Need Some Guidance

The SBA’s Local Assistance Directory can connect you to several local partners to counsel, mentor, and train small businesses.

Interim Guidance for Businesses and Employers

We encourage you to familiarize yourself and your employees if you haven’t already with risk assessment information from the CDC.

What is My State Doing?

North Carolina is beginning to offer guidance and assistance for businesses and individuals impacted by COVID-19. You can access such information on the NC websites below.

North Carolina
State Website
Department of Health and Human Services

Basic info on the SBA Economic Injury Disaster Loan Program:

*   The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.

*   Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).

*   SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.

*   Once a declaration is made, the information on the application process for Economic Injury Disaster Loan assistance will be made available to affected small businesses within the state.

*   SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

*   These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.

*   SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

*   SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.

*   For questions, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

SBA Resources for Counseling and Training

The following SBA backed organizations provide assistance to small businesses in the state; email and phone counseling are available.

 

 

 

Practical Management in the Age of COVID-19

By  now, most have read the best practices for hygiene, cleaning, and limiting exposure to COVID-19 through remote working where possible and urging ill employees to stay home.

York’s Property Management team has been in contact with the Institute of Real Estate Management (IREM) and the North Carolina Department of Health and Human Services (DHHS) to formulate a common-sense approach to COVID-19.  If, on the off chance, your business has had contact with an active, confirmed COVID-19 case, please follow the protocol below.

  1. Inform the North Carolina Department for Health and Human Services at 919-856-7044 who will help track down others exposed to the sick person.
  2. Inform your property manager who can notify tenants and building service providers.
  3. Undertake a deep cleaning of your space.  Your York Property Managers will do the same for common areas and can provide recommendations for janitorial services if needed.

Concerned you may be sick?  Please read here for information on where to get tested.

Our objectives are to help you:

  • Minimize the impact on your customers, owners, and investors.
  • Maintain business operations.
  • Be your calm and controlled adviser.

 

Don’t hesitate to contact us.

Black History Month: Awesome Individual Highlight

Meet Brandi Weaver, founder of the WORLD L!T STREET FOOD FESTIVAL:

Brandi is a Charlotte, NC based creative and catalyst for change, championing cross-cultural exchange.  She is a Durham native and NC STATE grad, with fifteen-years as an engineer at Duke Energy. She recently traded in her STEM career for a focus on multiculturalism, working to bring the community together across cultural divides.  She founded a platform called WORLD L!T where she promotes and curates local cultural events.  Its purpose is to highlight the rich cultural fabric of her community and help guide people to opportunities to experience different cultures.  She feels very strongly that exposure to persons of different heritage within our own communities can help dissipate the divisiveness of ignorance, and thus make us stronger.

The highlight of her work was the WORLD L!T STREET FOOD FESTIVAL. She founded and produced this event which debuted in Charlotte, NC at Camp North End on September 2019 and attracted over 2400 attendees. The WORLD L!T STREET FOOD FESTIVAL was the manifestation of Brandi’s vision to give people a chance to connect and experience a variety of cultures. The goal was to curate a fun, experience that was enriching for US natives, as well as for those who have journeyed here from afar. Recognizing the challenges (economic and otherwise) faced by newer members of our community, the WORLD L!T STREET FOOD FESTIVAL was designed to give them a taste of home at one of Charlotte’s hottest venues.

Brandi is working to grow this festival to increase its impact on the greater community.

Retail happenings around the Triangle

Our brokerage crew has been hopping!  Check out what’s in store:

  • Over The Moon Playspace, a children’s educational and entertainment center, has just signed a lease at Village Square Shopping Center in Cary.  Look for them to open this summer.
  • Gateway Plaza Shopping Center off Crabtree Boulevard in Raleigh has two exciting shops coming soon.  In May Arrichion Hot Yoga will open their doors.   Later on in the year get ready for Wyatt’s Barbecue.  They’ve just leased 5,000 SF of space and we can’t wait to try it out!
  • Onward Reserve, a men’s casual clothing store, will have their grand opening in Cameron Village on April 3rd.  If you just can’t wait till April check out their website and promo for free ground shipping.
  • If you like vinyl records and beer, get ready to be delighted!  Hunky Dory, out of Durham, is opening a shop at 111 Seaboard in Raleigh.  They’re taking over the former Brew space, ETA 30 days.
  • Killjoy, a bar serving tailored cocktail experiences to all, will open in March at 116 N. West Street (just across from Clouds Brewing).   More about this unique concept here: https://raleighmag.com/2020/02/bar-for-al

 

That’s all for now.  Stay in the loop about all the good retail updates by subscribing to our monthly newsletter.  (Scroll to the bottom of most any page on our site – it’s down there.)

Black History Month: Joe Holt, Jr.

Throughout the month of February,  we are shining the light on African-American history and stories here in Raleigh and Wake County.

The excerpt below is from Smedes York’s upcoming book Raleigh: What We Remember, a collection of oral histories from Raleigh natives.  Joseph Holt, Jr. is one of the interviewees.  We expect Raleigh: What We Remember to hit shelves at Quail Ridge in the second quarter of the year.

Joseph Holt, Jr. family’s trail-blazing efforts on behalf of the Civil Rights Movement and the integration of Raleigh’s school began two years after the U. S. Supreme Court’s Brown v. Board of Education ruling declaring segregation in the nation’s public schools unconstitutional, and one month after the NC General Assembly enacted legislation (the Pearsall Plan) designed to thwart public school integration.  … The Holt struggle was a solitary one.  They became socially isolated, as many former friends, fearing white reprisals, began to distance themselves from the family.  Over the next several years [they] endured constant duress, experiencing intimidation and harassment from angry whites, receiving hate mail and threats on their lives from hate groups, enduring unreasonable demands from creditors, and suffering numerous economic reprisals.  His parents even received word that there was a plot to abduct their son.  The legal battle the Holts waged in federal court in the form of a suit against the Raleigh City School Board exhausted the family emotionally and physically.  The Holt fight ended in October 1959 when Joseph H. Holt, Jr. was in his senior year at J. W. Ligon Junior-Senior High School.

 

Congratulations Smedes York!

We are thrilled to announce our very own Smedes York is Habitat for Humanity of Wake County’s Honorary Chair for the 2020 Blueprint Breakfast! This year’s breakfast will take place on Wednesday, March 25 at the PNC Arena.

The annual fundraiser draws more than 800 community leaders and has raised more than $2 million to fund the construction of homes in Wake and Johnston counties.

Join us in congratulating Smedes for this incredible honor as he helps to support local families in need of safe, affordable housing!

110 and Counting

York just completed its 110th year in business, solidifying us as one of the oldest companies in the Research Triangle region and certainly the oldest commercial real estate company. And, since we can’t comprehensively fact check the “oldest” claim (although Our State Magazine profiled the oldest 100 NC family businesses in 2017 and it checks out), we challenge any other locally-owned and operated CRE firm in the Triangle to debunk our claim!

In honor of this milestone, we thought it would be fun to take a look back at Raleigh in 1910 when Charles Vance (C.V.) York relocated from Greenville, NC to hang his shingle in the yet-to-be founded Research Triangle region.

Trolley at Fayetteville and Martin Streets

First a quick history lesson:  Raleigh was founded in 1792 near the geographical center of the state on the Joel Lane plantation. Lane’s house was a popular stop for travelers, so the entrepreneurial Lane built a tavern and a church to cover all needs. This precursor to Raleigh was known as Wake Courthouse or Bloomsbury (also the name of our landscaping division!).

By 1910, Raleigh was modernizing and growing into a veritable city:

  • 19,218 residents lived in Raleigh and the city encompassed 4.026 square miles. Durham’s population was slightly smaller at 18,241 residents.
  • Not only well-placed as the center of NC, the city was also marketed as the midpoint between Boston and New Orleans; NYC and Jacksonville; Quebec and Miami – “equidistant between the icebergs and the palms.”
  • The North Carolina State College basketball team, known as the Red Terrors, had a bull terrier mascot named Togo and was a huge source of pride.
  • 14 blocks downtown were paved with asphalt that year.
  • Raleigh was already an educational center boasting “..a larger school population in proportion to its total than any other place in the country and.. no fewer than twenty-nine educational institutions of all degrees” including:
    • The above-referenced North Carolina State College (now university)
    • Two historically black universities: Shaw University, the oldest HBCU in the South, and St. Augustine’s University. NC Central University in Durham was just being founded this year.

Shaw University Faculty

  • Three women’s colleges: St. Mary’s College (now St. Mary’s Highschool), Peace Institute (now William Peace University) and Meredith College (renamed in 1909 from Baptist Female University) at the corner of Edenton and Blount Streets.

Baptist Female University/Meredith College

  • The Raleigh Electric Company Power House on Jones Street was constructed that year. Little did C.V. York know that his descendants would purchase the Powerhouse Square in 2014 in a joint venture.
  • The Masonic Temple Building (133-135 Fayetteville St, NE corner of Hargett) had just opened its doors, becoming the first reinforced concrete skyscraper in NC. The building now houses a First National Bank branch and offices.
  • Raleigh’s elites were planning the Raleigh Country Club (now Carolina Country Club) and “one of the finest golf links in the South.”  C.V. York would construct the Clubhouse which opened in 1911.
  • Carolina Power & Light’s Bloomsbury Amusement Park was under construction at the end of the trolley line on Glenwood Avenue. The 100-acre amusement park, opened in 1912, was built to promote use of the company’s electric trolley and electricity, and was brilliantly lit by 8,000 bulbs.  Its original carousel is still in use at Pullen Park.

A self-proclaimed “City of Opportunity,” Raleigh was already attracting young, smart entrepreneurs like C.V. York from smaller NC towns to build their lives and businesses.  Now on the fourth generation of York leadership, York Properties continues to grow its business based on the bedrock values of excellent service, integrity and community engagement.

Sources: “Raleigh: a City at the Crossroads, 1914”; Alumni News NCSU; “Charles V. York – Builder and Entrepreneur,” by Terry Henderson; Meredith College Timeline; City of Oaks by David Fleming; National Park Service “Raleigh: A Capital City”