COVID-19 financial resources
BLP Financial Assistance in Response to the Coronavirus
This page is meant to help business owners affected by COVID-19 navigate through available financial resources created and curated by our team of lending experts. You will find direct access to and applications for current relief programs. You will also find educational resources available through other organizations.
Please check back regularly as resources will continue to be made available to Wisconsin’s valuable business community.
If you have any questions about these resources or need help getting started, please contact a BLP staff member.
Save Small Business Fund
US Chamber of Commerce – The U.S. Chamber of Commerce Foundation, with founding partner Vistaprint, has launched the Save Small Business Fund, a grant program to provide assistance to small businesses owners impacted by the coronavirus pandemic. Funded by contributions from corporate and philanthropic partners, the Foundation will distribute $5,000 grants to small employers in economically vulnerable communities in the United States and its territories.
Grant applications open on April 20, 2020. To qualify, applicants must employ between three and 20 people, be located in an economically vulnerable community, and have been harmed financially by the COVID-19 pandemic. Grants will be awarded weekly on a rapid and rolling basis until all funds have been disbursed. To learn more about the Save Small Business Fund or apply for a grant, visit www.savesmallbusiness.com.
- Employ between 3 and 20 people
- Be located in an economically vulnerable community
- Have been harmed financially by the COVID-19 pandemic
Union Grove Small business relief loan
Racine County Economic Development Corporation – The purpose of this program is to assist Union Grove businesses negatively impacted by COVID-19 and support business retention until the economy stabilizes. This program is now available with 0% interest, three-month deferral, and up to $5,000 for businesses in the Village of Union Grove. The structure was intentionally created to provide an expedited application and disbursement process.
- For-profit businesses
- Located in the Village of Union Grove
- At least one year in business
RCEDC Small business relief loan
Racine County Economic Development Corporation – The purpose of this program is to assist businesses negatively impacted by COVID 19 and support business retention until the economy stabilizes. Businesses must demonstrate they do not qualify for existing State or Federal programs; are in immediate need of funding until those programs become available; or that they are unable to obtain financing at reasonable rates and terms.
ELIGIBILITY
Eligible businesses are those located in Racine County and current or former RCEDC/BLP loan recipients or RCEDC investors. This program will open to other Racine County businesses as capital allows.
Note: RCEDC investor applicants must have been an investor prior to the RACINE COUNTY
COVID-19 impact.
SBA 504 Payment Relief
Business Lending Partners – Under the CARES Act, the Small Business Administration (SBA) will pay the principal, interest and any associated fees that are owed on a 504 loan in a regular servicing status to the Central Servicing Agent (CSA) within 30 days of April 1. SBA will continue to make these loan payments to the CSA for the 6-month period beginning April 1, 2020.
REVOLVING loan fund deferments
Business Lending Partners – Loan deferrals are being considered on current Revolving Loan Funds (RLF). Deferrals of principal up to six months can be requested.
- Statement Documenting Temporary Nature of Cash Flow Problem
- Current Financial Information
SBA 504 refinancing options
Business Lending Partners – Were you aware the SBA 504 program has two different refinance products- with (no cash out) and without (cash out) expansion? In both cases the debt being refinanced must have originally been used for an eligible SBA use, building or equipment purchase and the borrower can tap into the assets’ equity for the loans required equity injection. If you have a prospect that is interested in refinancing their fixed asset, give one of our Loan Officers a call to discuss how a 504 loan can assist them.
TARGETED GRANTS FOR SMALL BUSINESSES AFFECTED BY CORONAVIRUS
SMALL BUSINESS 2020 (SB20/20)
Wisconsin Economic Development Corporation (WEDC) – In another step toward assisting small businesses that suffer losses related to the COVID-19 health emergency, the WEDC created a program to provide grants to targeted businesses throughout the state.
The WEDC Board of Directors approved $5 million in funding for the program known as Small Business 20/20 (SB20/20). The amount is $20k per business with less than 20 employees.
- Current CDFI Loan Recipient in good standing
- 20 or fewer employees
- Greater than $0 but less than $2MM in annual revenues
- Preference given to service and retail businesses
ECONOMIC INJURY DISASTER LOANS (EIDL)
Small Business Administration – The U.S. Small Business Administration is offering 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, an Economic Injury Disaster Loan declaration.
- Small Business by SBA Size Standards that are directly impacted by the disaster
- Business directly affected by disaster or offer services to the business in declaration
- Other businesses indirectly related to the industry that are likely to be harmed by losses in their community
- Private Non-Profits
SBA Size Standards: sba.gov/size
NAICS Listing: NAICS.com
NOTE: Borrower can apply for EIDL or Guarantee product – not both
DAILY WEBINARS @ 10AM AND 2PM
These webinars will provide an overview of the Economic Injury Disaster Loans that are available to Wisconsin small businesses and private, non-profits. Information included will be:
- Program eligibility
- Use of proceeds
- Terms
- Filing requirements
- Additional small business resources
- The Three Step Process: Disaster Loans
- Economic Injury Disaster Loans: FAQs
- Economic Injury Disaster Loans: PowerPoint
EMERGENCY ECONOMIC INJURY GRANT (eeig)
NEED A QUICK $10K FOR YOUR BUSINESS?
Small Business Administration –
To fund immediate needs as the calendar flips to April and at any point through December, businesses can apply for Emergency Economic Injury Grants of up to $10,000 in advance of larger Economic Injury Disaster Loans of up to $2 million from SBA, with the grant portion not having to be repaid and applicable to keep employees on payroll, pay for sick leave and fund other business obligations, including inventory, debts, rent and mortgage. If awarded, the $10,000 is a GRANT and does not need to be repaid. See this document for more information: CARES Act Info.
TERMS
Grants disbursed within 3 days of applying for Economic Injury Disaster Loan; No repayment required under any circumstance
ELIGIBILITY
Apply for EIDL then request the advance; Small business or private, non-profit; In operation since Jan. 31, 2020; Businesses that already applied for EIDL are eligible
EIDL APPLICATION
paycheck protection program (PPP)
HELPS BUSINESSES KEEP WORKFORCE EMPLOYED DURING THE COVID-19 CRISIS
Small Business Administration –
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program will be available through June 30, 2020.
SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Express bridge loan (EBL) pilot program
Small Business Administration – The Express Bridge loan program allows SBA Express lenders to provide expedited financing to small businesses located in declared disaster areas. Express Bridge loans are intended to be interim loans. Businesses use these funds for disaster-related purposes while they apply for and await long-term financing.
DETAILS
- Maximum Loan Amount: $25,000
- SBA Guarantee: 50%
- Maximum Maturity: 7 Years
- Program Expiration Date: September 30, 2020
KIVA IS NOW OFFERING $15K LOANS STATEWIDE
Wisconsin Women’s Business Initiative Corporation
- General information can be found here: https://www.kiva.org/
- Business owners looking to borrow, should follow this link: https://www.kiva.org/borrow
- for a WWBIC endorsement or for assistance with this project, please send an email to info@wwbic.com
RESOURCES TO HELP YOUR SMALL BUSINESS SURVIVE THE CORONAVIRUS
U.S. Chamber of Commerce — The coronavirus is causing financial difficulties for businesses across the U.S. Here are five resources that can help you navigate this difficult situation.
- The Coronavirus Response Toolkit
- SBA Disaster Assistance Loans
- State-wide Initiatives to Help Small Businesses
- Assistance from Banks & Credit Card Companies
- Federal Small Business Assistance
LEARN MORE
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ABOUT BLP
Since 1983 Business Lending Partners (BLP) has administered nearly $600 million to 500+ businesses throughout the entire state of Wisconsin. BLP is the only Certified Development Company (CDC) headquartered in Southeast Wisconsin.
Contact one of our expert staff members and see how you, your business, or your client’s business can benefit from the financial opportunities we provide.
