SBA To Provide Small Businesses Impacted by Coronavirus (COVID-19) Up to $2 Million in Disaster Assistance Loans

NEWS RELEASE

 

 

PRESS OFFICE

Release Date: March 12, 2020                              Contact: Jennifer.Kelly@sba.gov (202)205-7036

Release Number: 20-24                           Follow us on: Twitter, Facebook, Blogs & Instagram

 

SBA To Provide Small Businesses Impacted by Coronavirus (COVID-19) Up to $2 Million in Disaster Assistance Loans

WASHINGTON – SBA Administrator Jovita Carranza issued the following statement today in response to the President’s address to the nation:

 

“The President took bold, decisive action to make our 30 million small businesses more resilient to Coronavirus-related economic disruptions. Small businesses are vital economic engines in every community and state, and they have helped make our economy the strongest in the world. Our Agency will work directly with state Governors to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation. Additionally, the SBA continues to assist small businesses with counseling and navigating their own preparedness plans through our network of 68 District Offices and numerous Resource Partners located around the country. The SBA will continue to provide every small business with the most effective and customer-focused response possible during these times of uncertainty.”

 

Process for Accessing SBA’s Coronavirus (COVID-19) Disaster Relief Lending

 

  • 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 to small businesses and private, non-profit organizations in designated areas of a state or territory 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 for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities.
  • 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 without credit available elsewhere; businesses with credit available elsewhere are not eligible. 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 additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

 

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

 

Town of Randolph’s Request for Proposals – Local Hazard Mitigation Planning Services

Request for Proposals

Local Hazard Mitigation Planning Services

The Town of Randolph, in Orange County, Vermont, seeks the services of a qualified consultant to

create a new Local Hazard Mitigation Plan for the Town of Randolph (2010 pop. 4,778). A final

draft is to be completed no later than August 10, 2020. The plan approved by the Randolph

Selectboard will be submitted to the Federal Emergency Management Agency (FEMA) for approval.

Please contact Adolfo Bailon, Town Manager, with any questions regarding this request for

proposals. Inquiries may be made through email at abailon@randolphvt.org. Please include “LHMP

RFP” in the Subject line.

 

RFP for LHMP

GMEDC’s Disaster Revolving Loan Fund Awards First Loan

Green Mountain Economic Development Corporation (GMEDC) was awarded a Rural Business Development Grant from USDA to create a Revolving Loan Fund for businesses affected by disasters. GMEDC closed its first loan of $15,000 on August 25th in Hartford, VT to DJ Enterprises/AC Lawn Mowing following extensive storm damage July 1st. Water, mud, stone ballast and debris from the railroad embankment above their property on Old River Road in White River Junction crushed their main building, forcing cancellation of their business operations and vacated several tenants. The well-known local owners, Chuck and Alicia Gordon, were visited by Governor Scott and Commissioner of Labor Lindsay Kurrle the next day to view the devastation first hand. They assured the Gordons that Commissioner Kurrle would remain in contact afterward to work with federal, state and local agencies and help get them back on their feet.

GMEDC Executive Director Bob Haynes became their local point of contact for meetings with Ross Hart of SBDC to provide business planning and inspections by Ben Rose, Section Chief for Vermont Emergency Management Division, Lori Hirshfield, Director of Planning for the Town of Hartford and FEMA. Bob also worked closely with their attorney, Brad Fawley, of Downs Rachlin and Martin.

Alicia Gordon said “We are most grateful for the tremendous support and care provided by Lindsay and Bob and we don’t know what we would have done without them! They really care about us small fries and they did everything they could to help us. This is our life and they understand that.”

 GMEDC is eager to learn of other businesses that could benefit from this newly created Revolving Loan Fund. The loans are fairly small but are structured to meet individual needs with a 0% interest rate” explained Mr. Haynes. “Other programs are available for larger amounts. We work closely with VEDA, our state industrial bank, and federal loan programs to help protect our small businesses and their employees. As we experienced during Irene, it is a lot of work for us, but it’s an important part of what we do as a Regional Development Corporation. We are most appreciative of USDA for this support.

Business owners Chuck & Alicia Gordon, GMEDC Executive Director Robert Haynes, GMEDC Board Co-Chair Sperry Wilson and Commissioner of Labor Lindsay Kurrle at the August 25, 2017 Loan Closing.

Surveying the damage at AC Lawn Mowing

VtSBDC Training: Financial Statements 102

The VT Small Business Development Center (VtSBDC) will be holding a training on business accounting and budgets on February 8th in Wilder, VT.

Vermont Small Business Development Center

Financial Statements 102 – Room 102

Topic: Business Accounting and Budget
Wednesday, February 08, 2017 5:30 PM to 7:00 PM
CCV
Wilder

This workshop is appropriate for those business owners who have had exposure to basic accounting principles and have spent some time with their own statements and would like to learn more. It is a perfect follow up for those who took the Financial Statements 101 workshop. Among the topics covered will be an in-depth discussion on cost of goods sold, gross margins and how pricing and direct labor impacts them, and the importance of understanding cash flow. Participants are provided with a high quality workbook and encouraged to bring samples of their own statements so they can work individually with them. The instructor is available after the workshop to answer questions.

Speaker(s): Ross Hart

Fee: $ 25.00

Payments can be mailed to: VtSBDC, PO Box 188, Randolph Center, VT 05061 or you can call the main office at: (802) 728-9101 with a credit card number.

Already Registered? Sign in for more information.

Email: Send

Location

145 Billings Farm Road
White River Junction, VT

Public Forum: “Securing Vermont’s Economic Future” November 17th 4:00pm – 6:00pm

Vt Futures LogoThe Green Mountain Economic Development Corporation (GMEDC) and the Hartford Chamber of Commerce announce a public forum by the Vermont Futures Project, “Securing Vermont’s Economic Future,” on Thursday, November 17th, 2016 from 4:00pm – 6:00pm at the Quechee Club, 3268 Quechee Main St, Quechee, VT 05059.

The Vermont Futures Project’s Jeff Lewis and Jennifer Stromsten will present the data they have gathered so far from ten events across the state with over 400 Vermonters participating.  They will then open the discussion to get an accurate temperature reading on the economy of the Upper Valley as well as important regional issues and hopes for the future.

The Vermont Chamber Foundation launched the Vermont Futures Project in January 2016 with the goal of articulating a shared vision for a healthy state.  The Vermont Futures Project is a data-driven initiative designed to help secure Vermont’s economic future by providing opportunities for its residents.  More information about the Vermont Futures Project, including what they have gathered to date, can be found at www.vtfuturesproject.org.

For additional information, please contact Bob Haynes at 802-295-4231 (w); 603-448-8494 (m) or go to http://www.gmedc.com

There is no charge for the event but RSVP by contacting gmedc@gmedc.com.  Hors d’oeuvres will be provided and there will be a cash bar available.

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