Small Business Lending Assistance Update

03.23.2020

 

Staff Contribution

 

Dear friends,

 

We wanted to take a moment and clarify the terms for the SBA Disaster Loan Program and our own NBEDC Lending Program.

 

Please note that as of this afternoon, the state’s $10 million loan fund for businesses affected by COVID-19 is not taking new applications. We are leaving the link to that fund (administered by the Massachusetts Growth Capitol Corporation) on our website because the fund may be recapitalized. The MGCC still has their normal loan application process in place.

 

As we receive new information, we will of course pass it along. Please take a moment to share this with any business in your network who may be in need.

 

Be well,

 

Derek


SBA 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

 

Required Documentation:

  • 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)

*Other information may be requested

 

Apply here .

 

Fact sheet here .

 

Three step process here.


NBEDC Lending Program

 

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

 

Required Documentation:

  • 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 .