Small Business Resources
Small Business Recovery Loan Fund: The Mass Growth Capital Corp created the $10 million Small Business Recovery Loan Fund to provide emergency capital of up to $75,000 for small businesses impacted by COVID-19. To apply, please visit EmpoweringSmallBusiness.org.
Massachusetts WorkShare Program: This program supports employers and workers by providing an alternative to layoffs through reducing the hours of employees and using unemployment benefits to supplement lost wages. To learn more, visit https://www.mass.gov/workshare-for-employers.
Federal Disaster Loans: The U.S. Small Business Administration (SBA) will offer low-interest federal disaster loans for working capital to Massachusetts small businesses suffering from losses as a result of the Coronavirus. The disaster declaration makes SBA assistance available in the entire state of Massachusetts and the contiguous counties in neighboring states.
To apply for aid or receive additional disaster assistance information, please consult https://disasterloan.sba.gov/ela. You can also contact the SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339.
Completed applications should be mailed to:
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155
Additional Funding Sources:
SheaMoisture launched a $1 million fund to support entrepreneurs of color.
The Spanx Red Backpack fund is a $5 million fund targeting women entrepreneurs. Applications opened 4/6.
Facebook is offering $100 million in cash grants and ad credits for up to 30,000 small businesses.
Verizon has donated $2.5 million to the national nonprofit Local Initiatives Support Corporation (LISC). LISC is targeting grants up to $10,000 to entrepreneurs of color and women-owned businesses. To register for the mid-April round of funding, click here.
Hello Alice is offering $10,000 grants to help small business owners.
Microsoft is providing six months of Office 365 tools for free to enable remote collaboration, file sharing and video conferencing.
Tory Burch Foundation has a useful list of resources (for both funding and advice) for small businesses that can be found here.