Mt. Washington Valley Economic Council
53 Technology Lane | Conway, NH 03818
April 3, 2020
Notice to Public:
We have currently exhausted $580,000 of our funds available for the Covid-19 Express Loan Program. We are working hard to try to identify new sources of funding, so please stay tuned and check back for updated information.
~ Jac Cuddy
Executive Director
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If you are having problems completing your SBA application to apply for Disaster Loan Assistance,please note the following guidance on how to complete the on-line forms. |
SBA Disaster Assistance in Response to the Coronavirus
• 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 as well as updated on our website: SBA.gov/disaster.
• SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business 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.
• Visit SBA.gov/disaster for more information.
*Businesses in Carroll, Strafford & Rockingham County (NH) can apply for disaster loans due to bordering York County (ME). SBA approves contiguous counties with disaster declarations due to impact overflow, even when it crosses State lines.
I realize that many of you are overwhelmed with email regarding COVID 19 and its impact on your business. I am writing to share a few resources and to let you know that we at MWVEC are standing by to help you in any way we can.
If you are a MWVEC loan client and experiencing economic disruption such as lost revenue, please contact me directly at 603-455-3610 or jac@mwvec.com so we can discuss payment relief, should that become necessary.
The Small Business Authority (SBA) will have disaster loans available to both for-profits and not for profits; first, a federal disaster must be declared in NH. The more businesses that report on their disruption, the faster that will happen. Please contact the NH Office of Emergency Management to report any economic disruption your business is facing. They can be reached at 603-223-6169. Once that declaration is made, we can direct you on how to access these low interest direct federal loans.
Lastly, please reach out to anyone on the MWVEC team if you want to discuss short term strategies to help bridge the gap until business gets back to normal.
Sincerely,
Jac Cuddy
Executive Director
~ The Tech Village ~
Located just off Route 16 in Conway, NH, The Technology Village Business Resource Center was created to stimulate growth of technology intensive businesses. It offers affordable office space as well as buildable lots with all infrastructure in place.
The Business Incubator is a facility that incubates small high-tech businesses by providing resources and support services such as a receptionist, phone system, office equipment, meeting rooms, notary services and high speed internet connection in a cost-effective environment. There are a variety of office suites sizes available. Please contact us for availability.
If you are looking for commercial office space, consider the Tech Village!
Discover who is in the Tech Village.
Live and Work Where You Play!
Discover how different life can be when you locate your business at the Tech Village. No long, congested commutes after working, skiing, hiking, or other outdoor recreation! Northern New England living at its best!
The Mt. Washington Valley Economic Council is in the processing of developing an 80-acre land parcel in Conway, New Hampshire as a Technology Village, a multipurpose facility aimed at stimulating business growth of technology-intensive businesses.
We have four lots with all infrastructure in place and ready for building. Whether you’re thinking about starting a new business, expanding or relocating an existing one, the Mt. Washington Valley has what it takes. Click here for a link to our available building sites.
