Small Business Loans In Massachusetts – The Massachusetts Equitable PPP Access Initiative (MEPPPAI) was created to help more borrowers access the program’s forgivable loans.
UPDATE 5/26/2021: MEPPPAI’s support for new PPP applications has ended. Thank you for your interest. Our last Community Financial Institution (CFI) bank partner with access to funds stopped accepting applications at 17.00 on 25/5/2021. We are no longer accepting new requests for help, but we will continue to support those seeking loan forgiveness.
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OPP loans are designed to be different from a traditional loan or debt. If you applied for OPP and you are seeking forgiveness for an OPP loan that was made in 2020, contact your lender to request information about the forgiveness application process. Please note that most banks have not yet started accepting applications for forgiveness for OPP loans made in 2021.
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MEPPPAI will be offering workshops in the near future to help Massachusetts minority-owned or underserved business borrowers understand the required requirements and documentation. Stay tuned for more information.
Sign up to get free support and information about PPP loan forgiveness from our partners at Small Business Strong. Help is available in English, Español (Spanish), Kreyòl ayisyen (Haitian Creole), 中文 (Chinese), العربية (Arabic), Português (Portuguese), and Tiếng Việt (Vietnamese).
In June 2020, Lorna Ellis of 4U Bridal & Prom in Worcester applied for an OPP loan with the help of MEPPPAI and banking partner BayCoast Bank. She later applied for a pardon, which was approved in February 2021. “It was easy.” “It took about 2 weeks for it to be approved. Now I owe nothing.”
Members of the Massachusetts Equitable PPP Access Coalition are calling on lawmakers to immediately make resources available to struggling business owners of color and to prioritize racial equity.
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The Massachusetts Equitable PPP Access Initiative (MEPPPAI) is a coalition formed to provide timely and equitable access to forgivable federal loans from the U.S. Small Business Administration under the Paycheck Protect Program (PPP) for underbanked businesses and historically disadvantaged and underserved demographic groups, including women-owned businesses and businesses of color. The coalition includes community development financial institutions, banks, business support organizations, foundations and other support partners.
Learn more about the program and sign up for help, click here, speak to a business advisor for free through our partner Small Business Strong or email us at [email protected]. If you need further assistance, please contact 617-410-4344. Massachusetts Lt. Gov. Karyn Polito joins state officials at a press conference to update reporters on the coronavirus response Tuesday at the State House.
Massachusetts will add another $10 million to help small businesses that sought emergency loans before the state was overwhelmed with requests and stopped accepting applications, Lt. Gov. Karyn Polito said Friday.
The Mass Development Board of Directors will vote to approve the funds next week, doubling the total pool of money to $20 million for emergency small business loans, Polito said during a news conference at the State House.
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The Small Business Recovery Loan fund was flooded with applications after the emergency aid was announced to help businesses that had to close or cut hours in the wake of the coronavirus pandemic, Gov. Charlie Baker said. The Massachusetts Growth Capital Corporation, the quasi-public agency tasked with disbursing the funds, stopped accepting applications Thursday afternoon.
“The reason the lieutenant governor talked about Mass Development appropriating another $10 million to the funds is because it was oversubscribed,” Baker said. “We will do the best we can to continue to deal with it on a forward-looking basis.”
Baker first announced the $10 million Small Business Recovery Loan fund on Monday, saying a qualifying business or nonprofit could get a low-interest loan of up to $75,000.
While MGCC will no longer accept new applications for the fund, state officials are encouraging struggling small business owners to apply for a federal disaster loan through the Small Business Administration. The federal agency approved Baker’s request for a financial injury declaration, allowing Massachusetts businesses and nonprofits to apply for a federal disaster loan.
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Eligible small businesses and nonprofits — those with fewer than 50 full-time and part-time employees — can borrow up to $2 million from the federal government. The interest rate is 3.75% for eligible businesses and 2.75% for eligible nonprofits.
The state loan was intended as a temporary measure to help businesses find relief while the state sought an economic injury declaration from the Small Business Administration, state officials said. With the declaration, the SBA can offer much larger loans to Bay State applicants who need them.
“The administration made the Small Business Recovery Loan fund available as a bridge vehicle while Governor Baker’s request for a federal disaster declaration was processed,” Ryan Boehm, a spokesman for the Executive Office of Housing and Economic Development, said in a statement. “Help is now available from the SBA through the Economic Injury Disaster Loan Program, and we encourage economically impacted small businesses and nonprofits to apply for these low-interest loans to address disruptions caused by the ongoing pandemic.”
Businesses across the state have been hit hard by the coronavirus pandemic and the subsequent restrictions on public life. In Baker’s request to the SBA, he noted that a preliminary investigation by the Massachusetts Emergency Management Agency earlier this week found that at least 700 businesses were affected by the coronavirus response.
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Officials in Massachusetts reported the state’s first death from the virus on Friday. At least 418 people in Massachusetts had the coronavirus as of Friday.
If you purchase a product or register for an account via one of the links on our site, we may receive compensation. We specialize in lending to small and medium-sized businesses. So much so that we’re an approved SBA lender, which means we can help you get financing on a commercial loan you might not be able to get elsewhere. See if our loan options match what you need.
As your cash flow needs change, you can use this line of credit to cover your operating costs.
If you have a general question about commercial loans, please contact our business banking team. Contact us
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The Small Business Retention Program is a new program offered to help well-established small businesses in Lowell grow and thrive. Applicants for this program must be in operation for a period of at least 2 years. The program will provide eligible applicants with a combination of grants, loans and technical assistance with the goal of giving business owners the tools to grow their business and thrive in the City of Lowell.
MassDevelopment has financed businesses of all sizes across the Commonwealth with loans, guarantees and tax-exempt bonds. Funding can be used to purchase real estate, building rehabilitation, equipment, as well as providing export financing to access global markets.
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Lowell Development and Financial Corporation (LDFC) offers low-interest loans for the acquisition, construction or renovation of commercial, industrial or office facilities containing at least 10,000 square feet. LDFC, in partnership with the city and other local banks, also offers the Downtown Venture Fund Program, a low-interest loan fund available to new retail and restaurant businesses to locate in Downtown Lowell.
The Property and Casualty Initiative, LLC (PCI) offers financing to businesses that are unable to obtain the necessary financing from conventional sources. Loans can be used for working capital, equipment and the purchase of real estate. Priority is given to businesses located in an economic target area (ie, Lowell ETA), minority- and women-owned businesses, and businesses that create new jobs and/or employ low- and moderate-income Massachusetts residents.
The Small Business Administration (SBA) offers business loans, guarantees and equity financing such as the Advantage Loan7(A) loan program, real estate and equipment loans; disaster recovery, export and more.
As a recipient of a Small Business Administration (SBA) PRIME, the Merrimack Valley Small Business Center (MVSBC) administers a microloan fund available to small businesses and start-ups. Loans range from $2,000 to $50,000. The fund can be used for capacity building, working capital and start-up costs. Enterprise Bank has helped thousands of businesses across many industries secure the commercial loan financing they need. We can provide loan solutions for financing business expansions and acquisitions, commercial properties, new construction, major equipment purchases and much more. Whether you’re a local startup or a multi-million-dollar enterprise, Enterprise Bank is small enough to know you and big enough to serve you.
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