Forgivable loans up to $10,000 for North Adams Businesses
NORTH ADAMS, Mass. — The City of North Adams is administering the North Adams Microenterprise Stimulus Fund (NAMSF) implemented by the Franklin County Community Development Corporation (FCCDC).
The program opens Thursday, Oct. 15, 2020, with applications due by 5 pm on Monday, November 2, 2020, for the first round of funding. Microenterprise Assistance forgivable loans of up to $10,000 are available to businesses to help cover documented business losses due to the COVID-19 economic shut down that are not covered by other funding programs. The City was awarded $108,000 for loans through the federal CARES Act and the Community Development Block Grant (CDBG).
"This funding will help business owners meet critical needs in our community," Mayor Tom Bernard said. "We know there is a significant need in the community, and while this program will not be able to fund all of the need, it will connect business owners to technical assistance and also provide us with a documented need for future funding possibilities."
"The FCCDC is available to assist business owners to strategize how to sustain their business and learn about programs like this North Adams Micro Stimulus Fund," Amy Shapiro, business development director, FCCDC said. "There will be 2-week application cycles until funds are depleted."
Minimum eligibility includes:
- Microenterprise businesses with 5 or fewer employees (including the owner)(at time of application)
- Business owner's household income is less than 80 percent HUD median income adjusted by household size (either using 2019 taxes or last 8 weeks of income)
- Business must be a for-profit business with a physical presence in North Adams.
- Businesses must provide goods or services to multiple clients or customers.
- Businesses must be in good standing with the state and city/town.
- Business must have been established prior to 1/1/2019 and currently be in operation to the extent allowable under Re-Opening Massachusetts requirements or be actively planning to reopen.
- Businesses must have annual sales of greater than $20,000/year.
Online information sessions for interested businesses are scheduled for:
- Friday, Oct. 9, at 10-11 am and
- Wednesday, Oct. 14 at 3 to 4 pm.
Click for the meeting link.
Documents: loan application, FAQ, and other forms will be available on the Franklin County CDC website page Friday, Oct. 9. The application form opens Thursday, Oct. 15.
The application's documentation requirements will include 2019 personal and business taxes, profit-and-loss statements for 2019 and 2020, family income form, and other information that details the COVID loss.
For more information contact Amy Shapiro, Business Development Director for the Franklin County CDC who is the primary contact for businesses with questions or who need assistance with applications. Contact micro@fccdc.org Translation services can be arranged if needed.
