North Coast Small Business Pandemic Update 4/15
|
|
Take Action:
News:
- New Regional Hotline for COVID lending questions from Northern California SBDC: 1-833-ask-SBDC (275-7232) loans@asksbdc.com
- Governor Newsom announces six criteria for reopening for business. Read. Watch.
- Faster, easier local emergency bridge loans via Fortuna, RREDC, AEDC, Arcata, Del Norte
- Kiva microlending program opens up for COVID-related loan needs.
- Which lenders and online lending brokers are accepting Paycheck Protection Loan Program applications
- Employer hiring and lay-off resources and events below
|
|
|
|
Next Week:
Recorded Webinars
|
Recursos e seminarios web en español
|
|
|
|
All COVID emergency bridge loans can be refinanced with SBA EIDL $ funding once it arrives.
|
|
|
|
Fortuna Business Resiliency Emergency Loan
|
- Fortuna businesses impacted by COVID-19 not able to secure a traditional bank loan
- Loans of up to $25,000
- 2.5% interest
- Five year term with deferred payments for 6 months
- Underwriting handled by RREDC
- All COVID emergency bridge loans can be refinanced with SBA EIDL funding once it arrives.
Questions?
Contact Dianna Rios
,
fbid@fortunabusiness.com or Merritt Perry at mperry@ci.fortuna.ca.us
All COVID emergency bridge loans can be refinanced with SBA EIDL $ funding once it arrives.
|
|
|
|
Arcata Business Resiliency Emergency Loan
|
- Arcata businesses impacted by COVID-19.
- Loans of up to $10,000
- 2.5% interest
- Deferred payments for 6 months. Borrower can then convert to a traditional bank loan. Or the City will carry it with a 5 year loan repayment.
Information & Application
here
All COVID emergency bridge loans can be refinanced with SBA EIDL $ funding once it arrives.
|
|
|
|
Del Norte Small Business Stabilization Loan
|
- Del Norte micro businesses impacted by COVID-19
- Loans of up to $5,000 (flexible)
- 0% interest
- Three year repayment term
- Fewer than five employees
- Crescent City business license, operating anywhere in Del Norte
- In operation as of March 1st
All COVID emergency bridge loans can be refinanced with SBA EIDL $ funding once it arrives.
|
|
|
|
Paycheck Protection Program
|
This program is backed by a SBA 7(a) program federal guarantee and works through your local lender to provide a short term forgivable payroll to cover employee costs and some operating expenses.
Resources
|
Participating PPP Lenders (as of 4/15)
|
Financial institutions accepting Paycheck Protection Program loan applications:
Financial Intermediaries (FinTech)
Make sure your lender intermediary provides a Borrower’s Bill of Rights upon request (
here's a sample
).
On Hold - Submit Expression of Interest
- Vocality Community Credit Union: still awaiting approved by SBA as a new PPP lender and then will take applications from current customers
- Umpqua Bank: not accepting new applications right now, but customers can submit expressions of interest.
- Tri-Counties Bank: not accepting new applications right now, but customers can submit expressions of interest.
|
|
|
|
SBA Economic Injury Disaster Loan Program (EIDL)
|
This is a COVID-19 emergency loan program delivered directly by the Small Business Administration to cover approximately six months worth of operating expenses during the crisis.
- Remember! If you applied earlier but you don't have a confirmation # starting with "3" apply again.
|
|
North Coast SBDC Center Service Continuity
|
|
When will I get introduced to my business advisor?
As you can imagine, the Center experienced a surge of new and returning clients once the pandemic emergency really set in. We're welcoming 50
new
clients a week since March 16th--not counting returning clients. Your SBDC team is determined to get everyone currently on the waiting list through the process and paired up. Our goal is to reduce pending requests for emergency COVID help to a 1-3 day turnaround by the end of the week. Non-emergency consulting requests will be assigned as soon as possible.
|
|
Get Answers
to Frequently Asked Questions About COVID-19
for your business
here
and download the California SBDC's COVID-19 Survival Guide for Small Business
here
.
Get confidential layoff or closure help
... manage and support your employees during forced closures or layoffs emailing
layoffhelp@northcoastsbdc.org
or calling (707) 445-9720
Get confidential management or finance help
... figure out how to maximize income, reduce expenses, apply for disaster funding and more by signing up to speak with a business advisor at
northcoastsbdc.org/apply
|
|
Is the Center headquarters open?
Also, please be aware that staff are working at top intensity to respond to increased demand during the crisis so please start by accessing the resources above to see if we've already answered your question.
Is my workshop still running?
Probably. Most of our workshops through May are
still on
and are being offered virtually via Zoom. Register for the workshops you want to attend
northcoastsbdc.org/calendar
and we will send you login instructions. You'll need a computer, decent Internet speed, and ideally a separate phone. The workshops that require a high level of interaction and/or computer labs will be postponed.
Can I still meet with my business advisor?
Yes. Our advisors are independent contractors so we leave it up to you two to decide where and how to meet. Many of our advisors are prepared to meet with you by phone and/or videoconference to make sure you continue to get the help you need.
How do I use Zoom to access services virtually?
Zoom is the videoconferencing services we're using to deliver our workshops live. Most of our business advisors are also using to be in communication with you. It's flexible--can be used as a phone service, a videoconference service, to share views of what's on your computer so you can look at financial statements together, etc.
Please make sure that you have downloaded and installed the
Zoom
program
on your computer in advance. It’s fairly fast and easy, but does take a few minutes.
|
|
North Coast Small Business Development Center
Humboldt: (707) 445-9720 | Del Norte: (707) 464-2168
|
|
North Coast SBDC Learning Programs also generously funded by:
|
|
|
|
|
|
|
