BUSINESS FINANCIAL ASSISTANCE PROGRAMS
EDA CARES Act Recovery Assistance Revolving Loan Fund (RLF)
The Economic Development Administration (EDA) has awarded $500,000 to the West Central Wisconsin Regional Planning Commission (WCWRPC) to establish the EDA CARES Act Recovery Assistance Revolving Loan Fund (RLF) program. Up to $10,000 in low-interest working capital loan financing is available to businesses within west central Wisconsin. For more information, visit www.rbfinc.org/cares-act-rlf
City of Eau Claire EDA CARES Act Revolving Loan Fund
The City of Eau Claire was awarded funds through the EDA to establish a CARES Act Recovery Assistance Revolving Loan Fund. The program is only available to businesses located within the Eau Claire city limits. The RLF will provide 0% interest loans to businesses that were operating successfully prior to the COVID-19 outbreak. For more information, visit https://www.eauclairedevelopment.com/
Federal Reserve’s Main Street Lending Program
This program is established to support lending to small and medium-sized businesses (as defined under the program) that were in sound financial condition before the onset of the COVID-19 pandemic. See the program webpage for specific details. This program is anticipated to start at the end of May.
SBA Economic Injury Disaster Loan Assistance (EIDL)
In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19).
SBA Payroll Protection Program (PPP)
Paycheck Protection Program (PPP) will re-open the week of January 11, 2021 for new borrowers and some existing PPP borrowers. The initial wave of loans issued on Monday, January 11, and Wednesday, January 13, will only be available to community financial institutions, but the PPP will open up to all eligible lenders shortly after.
SBA Debt Relief Program
Under this program the SBA will assist with principal and interest payments for SBA 7(a) loans issued prior to September 27, 2020.
SBA Express Bridge Loan Program
This program allows small businesses who currently have a business relationship with an SBA Express Lender to access financing quickly. These loans can provide economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loan or used to bring the gap while applying for an SBA EIDL loan.
U.S. Department of Agriculture Business & Industry (B&I) CARES Act Program
USDA is making available up to $1 billion in loan guarantees to help rural businesses meet their working capital needs during the coronavirus pandemic. This program is available to rural businesses and agricultural producers that are not eligible for USDA Farm Service Agency loans. See program webpage for additional details.
NON-GOVERNMENTAL FINANCIAL ASSISTANCE RESOURCES
(Note: this list is not exhaustive of all potential non-governmental assistance programs.)
Lowe’s-LISC Partnership Small Business Relief Grants: https://www.lisc.org/covid-19/small-business-assistance/small-business-relief-grants/lowes/
The HartBeat of Main Street Grant Program: https://www.mainstreet.org/howwecanhelp/hartbeat
Hmong Wisconsin Chamber of Commerce Emergency Loan Fund: https://www.hmongchamber.org/
Wisconsin Women’s Business Initiative Corporation COVID-19 Loan Program: https://www.wwbic.com/
Facebook Small Business Grants Program: https://www.facebook.com/business/boost/grants
Verizon Small Business Recovery Fund: https://www.lisc.org/covid-19/verizon-small-business-recovery-fund/