Information and resources to help New Hampshire businesses weather this storm.
Because of COVID-19 we are embarking upon uncharted territory as a community and a state. Granite Staters have always had a proud history of managing to work through tough times with an entrepreneurial spirit and Live Free or Die mentality. We recognize this is a difficult time but want to assure you the BFA is taking proactive steps to help alleviate the pressure many are feeling.
Many businesses and non-profits will need financial assistance and we encourage everyone to utilize the Paycheck Protection Program offered by the United States Small Business Administration. Although not affiliated with the BFA, these loans feature a forgiveness option and are an ideal first stop for any business suffering the impacts of COVID-19.
However there will be many needs not addressed by federal programs. To prevent any business or non-profit from falling through the cracks, the BFA has three highly effective offerings that support Granite State organizations.
Providing banks the ability to lend up to $200,000 to small businesses and non-profits across the state. CAP loans can be used for working capital, temporary needs, lines of credit, or long-term assets. These loans have rapid approval times and can be deployed in situations that banks normally could not lend into. CAP is a powerful resource to help companies bridge the gap until COVID-19 subsides.
NH Non-Profit Response Fund
A loan program for non-profit organizations that serve the most vulnerable individuals and families at the front lines of the outbreak. Loans of up to $100,000 are available, with partial loan forgiveness provided on a case-by-case basis. Loans from this joint initiative developed by BFA and the NH CDFA will be released on a rolling basis as funds are raised, continuing throughout the outbreak and recovery phases of the crisis.
Temporary Loans to Businesses
A direct loan program from the BFA in an amount up to $2,000,000. These loans are designed to be temporary in nature with a maximum three year term. The amortization rate is flexible, and the BFA can take a subordinate position to the bank. For companies who need temporary loan capital that the bank cannot provide, the BFA is ready to support their needs wherever possible.
In addition to the above programs the BFA is developing new resources that will be helpful during these challenging times. Please stay tuned to this website for additional information. These are extraordinary times and we want to assure business community in New Hampshire that we are here to assist you with these new challenges. As always, if you need to talk through an issue please feel free to give us a call at 603.415.0190.