COVID-19 Resources and Guidance for Small Business
The Baker-Polito Administration is committed to partnering with the business community to navigate the outbreak of COVID-19. Find a list of their resources and guidance here:
SBA Economic Injury Disaster Loan Program
Loan Amount: Up to $2 Million – $25,000 Unsecured
Interest Rate: 3.75%
Term: Up to 30 Years
Repayment: Up to six months deferred payments
Use: Working Capital – Up to six months of fixed expenses
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 without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
- Completed Business Loan Application (SBA Form 5)
- Completed IRS Form 4506-T
- Copies of the most recent Federal income tax returns
- Completed Personal Financial Statement (SBA Form 413)
- Schedule of Liabilities (SBA Form 2202)
Facebook is offering grants, free advertising, and other services to small businesses:
Rhode Island ONLY
While SBDC doesn’t offer any loans directly they are working with businesses to help them complete the required SBA forms so the application is processed quickly.
Business owners can call the SBDC at 401-874-7232 or register for business counseling at https://www.risbdc.org
Rhode Island Commerce Company
No direct loans yet but they have a very good FAQ page, very practical and detailed advice to business owners, with links where appropriate.
United Way/RI Foundation for Nonprofits
Creative Capital Grants:
Massachusetts Growth Capital Corporation
Who Qualifies: Open to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits (negative impact must be verifiable).
Terms and Conditions: This fund is being offered with no payments due for the first 6 months, then 30-months of principal and interest payments and no prepayment penalties.
How to Apply:
Please complete the application found on MGCC’s website: EmpoweringSmallBusiness.org
Completed applications can be sent via email to email@example.com with the subject line “2020 Small Business Recovery Loan Fund”.
MGCC can be reached by email: firstname.lastname@example.org
Businesses can apply for loans up to $75,000.
Economic Injury Disaster Loan
The Massachusetts Emergency Management Agency (MEMA) is working closely with the U.S. Small Business Administration (SBA) to activate the Economic Injury Disaster Loan (EIDL) program which would provide assistance to eligible businesses and non-profits impacted by COVID-19.
The first step in this process is to meet a minimum threshold of affected businesses within Massachusetts. To do this, affected small businesses and non-profits should download, complete, and submit the SBA EIDL Worksheet and Instructions to expedite activation of the EIDL program.
Completed forms may be submitted by email to Disaster.Recovery@mass.gov or by fax to (508) 820-1401. If submitting by fax, please include an email address.
Please note, this initial survey form is not a SBA loan application. When the EIDL program is activated, you will be contacted to apply directly to the SBA.
For questions, please contact Disaster.Recovery@mass.gov.
Greater New Bedford
Loan Amount: Up to $50,000
Interest Rate: 6%
Term: Up to 72 months
Repayment: Three months interest only then fully amortizing
Use: Working Capital
NBEDC Loan Application
NBEDC Personal Financial Statement
Most recent year tax returns for business applicant and all principals
Year to Date Profit and Loss Statement
*Streamlined application and approval process for loan less than $10,000—Detailed information and application here.
Fall River, MA – Bristol County Economic Development Consultants (BCEDC) has announced a $500,000 Small Business Emergency Loan Fund (ELF) to assist Fall River businesses affected by the COVID-19 virus and related temporary business closures. The ELF is designed to provide working capital to businesses during periods of decreased business and/or temporary closure.
BCEDC Board President Frank Marchione commented. “The entire BC EDC Board of Directors supports this initiative as a way to help lessen the financial impact brought upon on small businesses by the coroanvirus and the recently mandated business closures. We are hopeful that this loan program will provide some relief to those businesses impacted and allow them to get back on their feet in the near future.”
The loan program will have a maximum $30,000 cap and offer and interest rate of 3% with the first six months of no interest or principal. The loan will have a seven (7) year amortization with a 36 month term and associated balloon payment. For example, a $30,000 loan in accordance with this term and rate would, after six months, equate to a monthly loan payment of $357.14 with a balloon of $21,577.73 due in the 36th month.
BC EDC Financial Director Lynn Oliveira stated that “The purpose of this loan pool is to provide businesses with affordable payments during the term of the loan and afford them the opportunity to regain their financial footing and pay off the balloon at the end of the term.”
Interested applicants will need to complete a loan application and the business owner(s) must have a minimum credit score of 675. Other requirements include the retention of one (1) job, personal financial statement, evidence that all local, state and federal taxes are current, evidence of a three (3) year lease at the place of business, evidence of US citizenship or permanent legal residency, three (3) years of personal and corporate tax returns, Certificate of Good Standing from the MA Secretary of State, evidence of Sole Proprietorship if not a corporation and a letter from a bank stating that they cannot get a loan on similar terms. In addition, applicants must be willing to pledge collateral (if any) and personally guarantee the loan.
To receive an application for the ELF, please contact BC EDC Financial Director Lynn Oliveira at 508-324-2620 and an application will be sent electronically. The BC EDC office is currently closed to walk-in business in adherence to COVID-19 guidelines, so please call 508-324-2620 or email email@example.com for information and assistance.
Fall River TDI Partnership; South Main Street Corridor
In addition, Mass Development’s Transformative Development Initiative (TDI) has made $65,000 in grant funding available, with $20,000 of additional funding from the Authority and additional funding from the MA Executive Office of Housing and Economic Development to support businesses and non-profit cultural institutions located within the TDI District City’s South Main Street Corridor. It is called the TDI Stabilization Grant. The One Southcoast Chamber of Commerce will administer the program, while the RDA will serve as the central portal for both the City’s and TDI’s programs. Find more info on the Fall River landing page here. Take a look at their flyer here.