There’s a small business recovery loan being offered to small businesses to help with cash flow during closures.   This is being offered by MA Growth Capital Corporation.

https://www.empoweringsmallbusiness.org/what-we-offer/emergency-loan-funds/covid-19-loan-fund

HIGHLIGHTS:

  • Open to Massachusetts-based businesses impacted by the COVID-19 with under 50 full- and part-time employees, including nonprofits
  • Negative impact must be verifiable
  • Loan amounts up to $75,000
  • Loan amount not to exceed 3 months of demonstrated cash operating expenses for the 1st quarter of 2020
  • No payments due for first 6 months, then 30-months of principal and interest payments (direct debited)
  • Annual interest rate 3%
  • Personal guarantee required of all owners with 20% or more interest in the company
  • Personal credit score under 575 will require an exception
  • All asset lien on business
  • No prepayment penalty
  • Ineligible businesses include companies involved in real estate investment, multi-level marketing, adult entertainment, cannabis or firearms. Companies with past due tax liabilities or tax liens or currently in bankruptcy (Corporate or Personal) are not eligible.