We’re now deep into the COVID-19 crisis, and a lot of people are struggling. Here are some resources you can use to get a loan or a grant to see your business through these hard times.
Even as we were writing this, the first two examples we were writing about, the national programs, were suspended due to a shortage of funds. Fortunately, they are far from the only sources of help.
The Paycheck Protection Program from the Small Business Administration (SBA). This is a fee-free loan that will be fully forgiven if 75% of it is spent on payroll (and the rest on rent or mortgages, and utilities). As of Thursday, this program had been suspended due to lack of appropriations.
The Emergency Injury Disaster Loan Advance. This loan advance is for up to $10,000, and does not need to be repaid. As of Thursday, this program had been suspended due to lack of appropriations.
Shared Capital Cooperative exists specifically to finance co-ops. They are offering emergency loans for up to $50,000.
Kiva-Madison provides no-free, no-interest loans through crowdfunding. MCDC is a Kiva trustee. In addition, MCDC has a loan matching fund, so you only have to crowdfund half the amount you want to raise (i.e., you’d only have to raise $7500 to get a loan of $15,000).
The Dane County Small Business Pandemic Support Grant Program, administered by Dane Buy Local. This grant program will give between $1000 and $50,000 for employee retention and loss mitigation. Also see the Greater Madison Chamber of Commerce’s comprehensive list of COVID-19 information for businesses.
Additionally, MCDC has a longstanding relationship with the Madison Development Corporation, which is the organization that manages our cooperative loan fund. If you would like a loan from them, we can connect you to them.
We are here for you — please, let us know how we can be helpful during these challenging times. We can connect you to local or national resources for support, information, and resource-sharing. And, for those who might have extra time on your hands, we could help fill that time with training for new or existing co-ops, or technical assistance support. We may not be able to see you in person, but we recognize what you are going through.
Please don’t hesitate to contact Charity with any questions or ideas, or just to say hello: email@example.com.