New Hampshire Business Finance Authority to Oversee new “NH GAP Fund” for Businesses Impacted by COVID

New Hampshire Business Finance Authority to Oversee new “NH GAP Fund” for Businesses Impacted by COVID BFA will be working to process grants for businesses and non-profits that weren’t able to access CARES Act Funding.

July 17, 2020 – The New Hampshire Business Finance Authority (BFA) announces that it will be administering the distribution of funding for New Hampshire businesses and non-profits that may have “fallen through the cracks” and have not been able to qualify for funding through the state’s Main Street Relief Fund (MSRF), the Non-Profit Emergency Relief Fund (NERF), or the Self Employed Livelihood Fund (SELF).

The New Hampshire General Assistance & Preservation Fund (NH GAP Fund) will provide financial relief to New Hampshire businesses and nonprofit organizations impacted by COVID-19, but were unable to access support from other existing state and federal programs.
“We are committed to helping our state’s businesses and non-profits survive this global threat,” stated James Key-Wallace, Executive Director of the New Hampshire Business Finance Authority. “We are proud to be working with the Governor’s office and other state agencies to coordinate this GAP Fund. We understand timing is critical and we are working diligently provide essential support to New Hampshire companies that need our assistance during this difficult time.”

Businesses and non-profits that believe they may be eligible are encouraged to participate in one of two upcoming, live, free webinars that will address the application process and offer feedback on what they will need to provide in order to qualify for these relief funds. The application period for this GAP Fund will run from July 21, 2020 – August 4, 2020.

Instructional webinars to review the GAP Fund application process and are highly recommended to any prospective applicant and available on the following dates to register:

• July 24, 2020 at 10 AM: https://nhbfa_gap-session1.eventbrite.com

• July 28, 2020 at 2 PM: https://nhbfa_gap-session2.eventbrite.com

To Apply:

For Profit Businesses and Nonprofit Organizations must apply online, here:

https://www.goferr.nh.gov/covid-expenditures/new-hampshire-gap-fund

Businesses and nonprofit organizations that require assistance with their application submission may email info@nhbfa.com and will be contacted by the New Hampshire Business Finance Authority Staff shortly thereafter.

For-Profit Businesses that may qualify must:

• Be a for-profit business
• If a franchise, be a single-unit franchise
• Have at least one (1) non-owner employee
• Have its principal place of business in New Hampshire
• Have been in operation for at least one year prior to May 29, 2020
• Not currently be in bankruptcy
• Not have permanently ceased operations
• Be in Good Standing with the New Hampshire Secretary of State
• Demonstrate a quantifiable financial impact on their business due to the COVID-19 pandemic

 

Nonprofit organizations that may qualify must:

• Be a nonprofit organization that is not a 501c(3) or 501c(6)
• Have its principal place of operations in New Hampshire
• Conduct charitable activities
• File an annual report with the Attorney General’s Charitable Trusts Unit
• Have a primary purpose that is not lobbying and/or legislative advocacy
• Not currently be in bankruptcy
• Not have permanently ceased operations
• Be in Good Standing with the New Hampshire Secretary of State
• Demonstrate a quantifiable effect on their organization by the COVID-19 epidemic

Important Dates & Timeline

• Application Period – July 21, 2020 – August 4, 2020
• Application Verification Period – August 5, 2020 – August 18, 2020

The GAP Fund is only available to organizations that submit an application. Submitting an application does not guarantee that an award will be granted. All applicants will be reviewed and awards directed to areas of the highest need and impact. All applicants will receive an email informing them if their application has been approved or denied after August 18, 2020.
The GAP Fund award amounts will be determined, in part, both by the number of applicants and by the total amount of need demonstrated by the totality of all applicants.
Businesses and nonprofit organizations who received their pro-rata distribution from previously offered New Hampshire relief funds are highly unlikely to receive an award from the GAP Fund.

About the NHBFA The Business Finance Authority (BFA) was created to foster economic development and create employment in New Hampshire. The BFA accomplishes these objectives by working with New Hampshire’s banking, business, and economic development sectors to develop and implement programs which expand the availability of credit in the state. Our customers include manufacturers, small and medium-sized
businesses, health providers, and non-profit educational and cultural organizations.
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