Small-Business Loans Available to Affected Berkshire Businesses

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BOSTON — The state's providing financial relief to small businesses affect by COVID-19 with the creation of a $10 million loan fund.
 
The Small Business Recovery Loan Fund will provide emergency capital up to $75,000 to Massachusetts-based businesses and nonprofits impacted by the novel coronavirus that have fewer than 50 full- and part-time employees. Loans are immediately available to eligible businesses with no payments due for the first six months. Massachusetts Growth Capital Corp. has capitalized the fund and will administer it.
 
"As our administration continues to take steps to protect the health and safety of residents, we recognize the hardships facing the small businesses that create the foundation of the state's economy," said Gov. Charlie Baker. "This recovery loan fund is a new resource to help small businesses address emergency needs due to the disruption caused by the ongoing COVID-19 pandemic."
 
Applications can be made online through the MGCC's website, EmpoweringSmallBusiness.org. Completed applications can be sent via email to mgcc@massgcc.com with the subject line "2020 Small Business Recovery Loan Fund."
 
The U.S. Small Business Administration is also offering disaster assistance through low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of COVID-19.
 
SBA acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, to declare a disaster following a request received from Connecticut Gov. Ned Lamont on March 15, 2020.

The disaster declaration makes SBA assistance available in the entire state of Connecticut; and the contiguous counties of Berkshire, Hampden, and Worcester in Massachusetts; and Dutchess, Putnam and Westchester in New York; and Kent, Providence and Washington in Rhode Island.

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. The interest rate is 3.75 percent for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75 percent. Repayments of up to 30 years are available with terms determined on a case-by-case basis. 
 
Contact the SBA disaster assistance customer service center 1-800-659-2955 (TTY: 1-800-877-8339), email disastercustomerservice@sba.gov or visit SBA.gov/disaster for more information.
 

Tags: COVID-19,   small business,   


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Pittsfield CPA Committee Funds Half of FY24 Requests

By Brittany PolitoiBerkshires Staff

PITTSFIELD, Mass. — A few projects are not getting funded by the Community Preservation Committee because of a tight budget.

The projects not making the cut were in the historic preservation and open space and recreation categories and though they were seen as interesting and valuable projects, the urgency was not prevalent enough for this cycle.

"It's a tough year," Chair Danielle Steinmann said.

The panel made its recommendations on Monday after several meetings of presentations from applications. They will advance to the City Council for final approval.  

Two cemetery projects were scored low by the committee and not funded: A $9,500 request from the city for fencing at the West Part Cemetery as outlined in a preservation plan created in 2021 and a $39,500 request from the St. Joseph Cemetery Commission for tombstone restorations.

"I feel personally that they could be pushed back a year," Elizabeth Herland said. "And I think they're both good projects but they don't have the urgency."

It was also decided that George B. Crane Memorial Center's $73,465 application for the creation of a recreational space would not be funded. Herland said the main reason she scored the project low was because it didn't appear to benefit the larger community as much as other projects do.

There was conversation about not funding The Christian Center's $34,100 request for heating system repairs but the committee ended up voting to give it $21,341 when monies were left over.

The total funding request was more than $1.6 million for FY24 and with a budget of $808,547, only about half could be funded. The panel allocated all of the available monies, breaking down into $107,206 for open space and recreation, $276,341 for historic preservation, and $425,000 for community housing.

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