SPECIAL EDITION
FOCUSING ON THE IMPACT OF COVID-19 WITH TIPS TO MITIGATE ECONOMIC DAMAGE
CHAMBER INTRODUCES DAILY EMAIL DURING THE CORONAVIRUS CRISIS

To keep our members up-to-date on available resources and the Chamber response to Covid-19, for the foreseeable future the Worcester Regional Chamber of Commerce will issue daily emails at noon.

These emails will contain a variety of information from local, state, and federal loans to the offerings of local businesses and best practices during this uncertain time.


We are kicking off this communication series with a list of three financial supports available to businesses. They are:

Small Business Recovery Loan Fund

  • The Baker-Polito Administration announced a $10 Million Small Business Recovery Loan Fund which will provide emergency capital up to $75,000 to Massachusetts-based businesses impacted by COVID-19 with fewer than 50 full- and part-time employees, including nonprofits.
  • Loans are immediately available to eligible businesses with no payments due for the first six months. Massachusetts Growth Capital Corporation has capitalized the fund and will be its administrator.
  • To apply, complete the application on empoweringsmallbusiness.org and email it to MGCC with the subject line “2020 Small Business Recovery Loan Fund."

Emergency Loans

  • The Worcester Regional Chamber of Commerce partners with the North Central Massachusetts Chamber on microloans and is now offering emergency loans of up to $20,000 to small businesses negatively impacted by Covid-19.
  • The loans, offered through its financing arm the North Central Massachusetts Development Corp. are in lieu of high-interest credit cards or expensive and unregulated online lenders.
  • The NCMDC still offers its regular loans of up to $150,000, although those take longer to approve.
  • To qualify for the emergency loan, businesses must be provide two years of tax returns and demonstrate a direct financial impact of coronavirus on the business.
  • To inquire about a loan, please contact Sandie Cataldo or Brendan Hannen at the North Central Chamber.

Economic Injury Disaster Loan Program Grant
  • Adminstered by the U.S. Small Business Administration, the Economic Injury Disaster Loan Program offers up to $2 million in low-interest loans to small businesses and nonprofits which have been severely impacted by Covid-19.
  • At an interest rate of 3.75 percent (small businesses) and 2.75 percent (nonprofits) loans can be used to pay fixed debts, payroll, accounts payable and other bills which cannot be paid because of the disaster’s impact.
  • For more information on these loans, please visit the U.S. SBA website.

As always, we are here to help. For now, the Chamber's offices remain open. If you would like to speak to someone, please call 508.753.2924 or email info@worcesterchamber.org and we will put you in touch with the most appropriate staff member regarding your request.
We wish you all continued health and please reach out if the Chamber can be of assistance.