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. These programs include the NH Gap Fund, the application for which can be found here.
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 GAP Fund
The New Hampshire General Assistance & Preservation (GAP) Fund provides emergency financial relief to New Hampshire businesses and nonprofit organizations impacted by the COVID-19 pandemic, but that have been unable to access support from other existing state and federal programs.
The NH Gap Fund application period has ended and the recommended awards are under final review by the Governor’s Office. Award announcements will be delivered via email, using the email address provided in your NH Gap Fund application.
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.