Information and resources for black business owners
Bay State Banner
BECMA (Black Economic Council of Massachusetts) is currently working with their partners to develop strategies that will help protect their business members against any negative impacts the virus and subsequent response could have on employers and employees. In order to better understand how black owned businesses are already being impacted, they have developed a brief survey that they urge all Black business owners to take. Responses to the survey will help them and their partners better target resources and future programming toward the most dire issues facing Black business owners and entrepreneurs throughout the Commonwealth. Visit their website to take the survey. Click here.
BECMA also offers a list of resources for business owners during COVID-19.
Recently, the federal government announced that the Small Business Administration (SBA) would provide support to businesses impacted by COVID-19. We will provide additional resources as they become available.
Small Business Administration
Economic Injury Disaster Loan Program
- The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Learn more here.
Commonwealth of Massachusetts
Massachusetts Growth Capital Corporation
- On March 16th, Governor Baker announced a $10 million loan fund to provide financial relief to Massachusetts businesses that have been affected by COVID-19. Massachusetts Growth Capital Corporation (MGCC) will receive and process all applications for this fund. Applications can be found here or on their website. Here are the details of the program:
- Open to Massachusetts-based businesses impacted by the COVID-19 with under 50 full- and part-time employees, including nonprofits
- Negative impact must be verifiable
- Loan amounts up to $75,000
- Loan amount not to exceed 3 months of demonstrated cash operating expenses for the 1st quarter of 2020
- No payments due for the first 6 months, then 30-months of principal and interest payments (direct debited)
- Annual interest rate 3%
- Personal guarantee required of all owners with 20% or more interest in the company
- Personal credit score under 575 will require an exception
- All asset lien on business
- No prepayment penalty
- Ineligible businesses include companies involved in real estate investment, multi-level marketing, adult entertainment, cannabis or firearms. Companies with past-due tax liabilities or tax liens or currently in bankruptcy (Corporate or Personal) are not eligible.
- The state has developed a program to help employers avoid layoffs. The WorkShare program is an alternative for employers faced with a cut in workforce. Employers can divide available work between affected employees instead of laying off workers. It allows employees to receive a part of their unemployment insurance (UI) benefits while working reduced hours. Learn more here.
Massachusetts Emergency Management Agency
- MEMA has launched a hotline specifically for small businesses that are experiencing financial hardships or who have questions about how the state can support them. Call the hotline: (508) 820-2094.
- MEMA and the Baker-Polito Administration are 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 the activation of the EIDL program. Fill out this form here.
City of Boston
Boston Artist Relief Fund
- The Boston Artist Relief Fund will award grants of $500 and $1000 to individual artists who live in Boston whose creative practices and incomes are being adversely impacted by Coronavirus 2019 (COVID-19). With events of all types being cancelled to reduce spread of COVID-19, people who make income partially or fully through gigs and freelance work are losing critical opportunities to support their well-being in our city. Learn more here.
Associated Industries of Massachusetts
The Employers’ Guide to COVID-19
- The team at AIM developed comprehensive resources for employers across the state. Click here to access the guide.