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2020-04-29 EDA Packet
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2020-04-29 EDA Packet
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<br />Community Partners: How to Support Local <br />Businesses During COVID-19 <br /> <br />Financial Assistance <br /> <br />State & Federal Programs <br />needing additional appropriations and leaving businesses concerned about the status of their loan. Refer <br />them to reach out to the SBA directly to get the status of their loan. <br />disastercustomerservice@sba.gov | 800-659-2955 or Minneapolis.mn@sba.gov 612.370.2324 <br /> <br />Also, continue to refer them to other SBA Loans, the SBA Bridge Loan has been reported as widely used <br />and easier to get funding for than the SBA EDIL. <br /> <br />Revolving Loans Funds or Grants <br />If your community is concerned about using local revolving loan funds to assist businesses during this <br /> <br />event of a loan default, the communities loss risk is only 20% of the loan value verses 100%. <br /> <br />Keep in mind that communities can welcome donations to their community loan programs by businesses <br />or non-profits as well. <br /> <br />Every dollar spent at a small business supports another 50 cents in local business activity. As an added <br />incentive, every ten jobs created at a local business, support an additional seven jobs within the <br />community (Small Business Economic Impact Study Ͳ 2018). According to ŷĻ {ƒğƌƌ .ǒƭźƓĻƭƭ 9ĭƚƓƚƒźĭ <br />LƒƦğĭƷ {ƷǒķǤͲ conducted by American Express in 2018, this impact is possible because for every dollar <br /> <br /> 67 cents stays within the local economy <br /> 50 cents is created in local business activity (outside of that particular business) <br /> <br /> <br /> <br /> <br />
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