November Newsletter l National Entrepreneurs’ Day: November 17

Massachusetts District Office - November 2020

u s small business administration

National Entrepreneurship Month

National Entrepreneur Day

As we pivot to rebuild the economy, SBA has resources to help entrepreneurs start, grow, expand and recover small businesses. More here → http://ow.ly/faI650C1i2M #EntrepreneursDay


News Release: Historic Year Highlights SBA and Lender Commitment to Small Businesses Across the Commonwealth

News Release

Paycheck Protection Program supported more than $14 billion and 118,384 approvals in Massachusetts; Microloan approvals increased by 18.3% and 19.5% in dollar amount

BOSTON – The U.S. Small Business Administration announced Fiscal Year 2020 summary loan data of the financial assistance provided through traditional loan program lending as well as aid provided via the CARES Act.

Nationally, loans guaranteed through traditional SBA-backed lending programs exceeded $28 billion; however, enactment of the CARES Act dramatically increased loan volume guaranteed by the Agency: In FY20, the Paycheck Protection Program provided an additional 5.2 million loans worth more than $525 billion; the Agency’s Economic Injury Disaster Loan Program added another 3.6 million small business loans valued at $191 billion, as well as an additional 5.7 million EIDL Advances worth $20 billion.
 

Massachusetts District Office Capital Programs Highlights

The historic CARES Act helped stabilize small business recovery throughout the Commonwealth.

  • The Paycheck Protection Program approved an unprecedented 118,384 loans totaling $14.31 Billion to keep employees connected with their employers. 
  • The Economic Injury Disaster Loan program made 59,915 approvals (as of 10/19) totaling $3.49 Billion to support working capital needs of businesses impacted by the Covid-19 disaster.

Even with difficult economic conditions created by the global pandemic, the Massachusetts District saw a healthy number of approvals for the 7(a) program – decreasing in volume by 28.7%.  (FY20 Lending Report) However, the 504 loan program increased by both approvals and dollar amount, with interest rates reaching all-time lows.   Microlending also continued gaining momentum, increasing by both approvals and dollar amount. >>Read more


Simpler PPP Forgiveness for Loans of $50,000 or Less

PPP Forgiveness

SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020.  SBA will continue to process all PPP forgiveness applications in an expeditious manner.

Click here to view the simpler loan forgiveness application.

Click here to view the instructions for completing the simpler loan forgiveness application.

Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.


WATCH ON-DEMAND: PPP Forgiveness Overview with Lender Relations Specialist Dan Martiniello

Do you want to get ready to apply for PPP forgiveness?


The Taunton Area Chamber of Commerce and MA Small Business Development Center Southeast Regional Office hosted a webinar with SBA MA Lender Relations Specialist Dan Martiniello on Friday, November 6th all about the latest PPP Forgiveness process. 

WATCH ON-DEMAND HERE

Dan PPP

COVID-19 Funding Resources

Somerville COVID-19 Relief Fund

The City of Somerville is now accepting applications for Round 2 of the Somerville Small Business COVID-19 Relief Fund, which will provide forgivable loans to Somerville businesses affected by the COVID-19 pandemic.

Apply here.

The Women's Fund of Essex County

The Women's Fund of Essex County will be offering one-year unrestricted grants of up to $10,000 to Essex County nonprofit organizations addressing the significant needs and impacts of Covid-19 and/or societal inequities, primarily as it relates to women and girls.  Applications are due January 11, 2021.  To learn more and apply, click here.

BLDC COVID Loan Fund

The Boston Local Development Corporation has been awarded $693,000 to create a new loan fund that targets small business economic recovery efforts in the City of Boston. For more information click here.


UPCOMING Virtual Events

FDIC

11/17 Supporting Small Business Development for Veteran Owned Small Businesses

Please join SBA New England Regional Administrator, Wendell Davis, FDIC Community Affairs and the Small Business Administration (SBA) District Offices from Maine, Massachusetts, and Rhode Island for a virtual webinar geared towards Veteran Owned Small Businesses, financial institutions and Community Development Financial Institutions.

This virtual event will highlight SBA programs and technical assistance provided to Veteran Owned Small Businesses. The webinar will also highlight the FDIC's Money Smart for Small Business, while the SBA will highlight programs available to veterans, and the Veterans Business Outreach Center (VBOC) will discusses services available to veteran small business owners.  Further, SBA district offices from Maine, Massachusetts and Rhode Island will discuss current programs available to veteran entrepreneurs.  A panel comprised of several Veteran Owned Small Businesses will share their experiences and moderated by the Veteran Business Outreach Center (VOBC). 

This webinar is provided at no cost to attendees however; however, advance registrations is required.  Please REGISTER HERE by noon on November 16, 2020.

For questions or additional information regarding this event please contact Community Affairs Specialist Jeffrey Manning, at jemanning@fdic.gov or 781-879-3484.


Thursday 11/17/20 / 10:00am - 12:00pm
How to Open a Business in Massachusetts “Legally”

Thursday 11/17/20 / 10:00am - 11:15am
Better Business Bureau Small Business Summit 

Wednesday  11/18/20 / 11:00am - 12:30pm
Negotiation Skills for Business Owners and Entrepreneurs Session 2

Wednesday  11/18/20 / 10:00am - 11:00am
Master Your Lead Generation

Thursday  11/19/20 / 12:30pm - 2:30pm
Legal Considerations for New Business Owners

Thursday  11/19/20 / 9:30am - 11:00am
Tax considerations When Selecting a Business Entity

Tuesday  11/24/20 / 12:00pm - 1:30pm
Tuesday Talks with CWE & SBA

Monday  11/30/20 / 8:00am - 9:30am
Women Supporting Women: Online Open Forum


Government Contracting Events

Tuesday  11/17/20 / 9:00am - 10:30am
SBA 8(a) Business Development Eligibility Session

Friday  11/20/20 / 10:00am - 11:30am
Opening Doors To Federal Government Contracting

Thursday  12/10/20 / 11:30am - 1:30pm
SBA Overview and How to do Business with Lockheed Martin - in collaboration with MSBDC and Federal Reserve Bank of Boston’s Office of Diversity, Equity, and Inclusion


11/18 Nuts and Bolts of Federal Government Contracting

Selling

REGISTER

Wednesday  11/18/20 / 10am - 11:30am

Where do I start? How does my business get noticed? What opportunities may be out there for me to grow my business? All of these are fair questions that small businesses ask everyday when they are navigating the world of Federal Government Contracting. The building blocks to grow your business are at your fingertips and the SBA and Massachusetts Procurement Technical Assistance Center (PTAC) are here to assist you along your journey.

During this webinar our guest speakers will provide you with an in depth understanding of the tools and resources that will help your small business gain access to Federal Government Contracting opportunities. During this webinar you will learn the importance of the following topics:

  • North American Industry Classification System (NAICS) Codes
  • Federal Agency Procurement Forecasts
  • System for Award Management (Sam.gov)

FREE Cybersecurity Training for 7(J) eligible Small Businesses

Check out the Fact Sheet and November calendar for more information

Cybersecurity November

11/17 SBIR Information Session

SBIR

REGISTER

Tuesday  11/17/20 / 11:45am - 12:30pm


Please join Dan Lilly, SBIR Advisor for the Small Business Development Center. Dan mentors and reviews SBIR applicants each year as part of the SBA resource partner network.  A panel of experts will go over the SBIR application process and applicant expectations. 

The Small Business Innovation Research program represent America’s Largest Seed Fund, providing $2.5 billion in non-dilutive funding to small, cutting-edge technology companies. They are federally-funded programs, administered by the Small Business Administration, and managed through 11 federal agencies (including the Department of Defense, Department of Health and Human Services, National Institute of Health and National Science Foundation); they provide funding and support to hundreds of small companies that conduct research and development (R&D), every year. This Federal research program is highly competitive, and can take anywhere from 3 to 12 months for an application to be reviewed. 


News Release: SBA Announces New Reduced 504 Loan Debenture Rates

WASHINGTON – The U.S. Small Business Administration announced the updated interest rates for the 504 Loan Program offered by Certified Development Companies (CDC). The program now allows for 10, 20, and 25-year interest rates at 2.231 percent, 2.364 percent, and 2.399 percent, respectively. Small businesses can now apply for a 504 loan at these low-interest rates.

“These are very encouraging terms and very supportive of our nation’s goal to bounce-back from COVID-19,” said William Manger, SBA Chief of Staff and Associate Administrator for the Office of Capital Access. “The longer terms and now lowest interest rates support and encourage entrepreneurs to step outside of the box and look at real investments.”

Partnered with the SBA are the CDCs, which are the driving force behind the 504 Loan Program. See SBA’s 504 Loan Program factsheet for more information on how to expand your business real estate or improve your working capital.

The 504 Loan Program is an SBA business loan program authorized under Title V of the Small Business Investment Act of 1958, 15 U.S.C. 695 et seq.  The core mission of the 504 Loan Program is to provide long-term financing to small businesses for the purchase or improvement of land, buildings, and major equipment, to facilitate the creation or retention of jobs, and to support local economic development.  Under the 504 Loan Program, loans are made in conjunction with private-sector lenders to small businesses by CDCs, which are certified and regulated by the SBA to promote economic development within their community.

Participating Certified Development Companies


Bay Colony Development Corporation
230 Third Ave., 1st Fl.
Waltham, MA 02451
www.baycolony.org
781-891-3594
Service Area: Statewide

Coastal Community Capital
5 Shoot Flying Hill Rd.
Centerville, MA 02632
www.coastalcommunitycapital.org
508-790-2921
Service Area: Statewide
 
Granite State Development Corporation
One Cate St., Suite 3
Portsmouth, NH 03801
www.granitestatedev.com
603-436-0009
Service Area: Statewide
 
New England Certified Development Corporation
500 Edgewater Dr. Ste. 555
Wakefield, MA 01880
www.cdcnewengland.com
781-928-1100
Service Area: Statewide
 
Ocean State Business Development Authority
155 S. Main St., Ste. 301
Providence, RI 02903
www.osbda.com
401-454-4560
Service Areas: Bristol, Norfolk and Worcester counties.
 
South Eastern Economic Development Corporation
80 Dean St.
Taunton, MA 02780
www.seedcorp.com
508-822-1020
Service Area: Statewide
 
Worcester Business Development Corporation
89 Shrewsbury St., Ste. 300
Worcester, MA 01604
www.thewbdc.com
508-755-5734
Service Area: Statewide


Small Business Resource Guide Massachusetts Edition 2020

Check out our latest Massachusetts Edition 2020 - Small Business Resource Guide now available online!

2020 Resource Guide

WHERE CAN I GET HELP?

Please direct all other inquiries and questions to our District Office email at:

MassachusettsDO@sba.gov

FREE and confidential counseling services are available across the Commonwealth. 

 

Virtual education, training and networking sessions are happening daily.

 

Please schedule a virtual session with any of our Resource Partners below...


Resource Partner Network

How prepared are you to reopen your business? Check it out here

MSBDC

WE ARE OPEN FOR BUSINESS!

Staff are working remotely and can be reached via email or telephone. MSBDC is committed to supporting entrepreneurs during these very challenging times.

Request for Counseling

MSBDC advisors can assist businesses with disaster loan applications.

If you are not currently a client and would like to speak with a counselor, please find your region and reach out to the REGIONAL OFFICE SERVING YOU.

Berkshire Regional Office
33 Dunham Mall, Suite 103
Pittsfield, MA 01201
413-499-0933 | Fax: 413-499-3005
www.msbdc.org/berkshire

Central Regional Office
Clark University
The Carriage House, 125 Woodland Street
Worcester, MA 01610
508-793-7615 | Fax: 508-793-8890
www.clarku.edu/offices/sbdc

Northeast Regional Office  (SPANISH-SPEAKING COUNSELOR)
Salem State University
121 Loring Avenue, Suite 310
Salem, MA 01970
978-542-6343 | Fax: 978-542-6345
www.salemstate.edu/sbdc

Procurement Technical Assistance Center
Scibelli Enterprise Center
1 Federal Street, Building 1
Springfield, MA 01105
413-545-6303 | Fax: 413-737-2312
https://www.massptac.org

Southeast Regional Office
200 Pocasset Street
Fall River, MA 02721
508-673-9783 | Fax: 508-674-1929
www.msbdc.org/semass

Western Regional Office
Scibelli Enterprise Center
One Federal Street, Building 101
Springfield, MA 01105-1160
413-577-1768 | Fax: 413-737-2312
www.msbdc.org/wmass

 


SCORE BOSTON

Request for Counseling

Counseling Sessions with BOSTON SCORE CHAPTER:
If you want to speak with a counselor, SCORE is doing tele-consults. Just pick a date and time to schedule a session and enter your contact info, mentors are doing sessions by phone and Zoom video app. 

Reach out to other SCORE CHAPTERS throughout the state below.

SCORE Boston Chapter

SCORE Worcester Chapter


SCORE Northeastern Massachusetts Chapter


SCORE Southeastern Massachusetts Chapter


SCORE Western Massachusetts Chapter


SCORE Cape Cod Chapter


SCORE Rhode Island (Serving Fall River, New Bedford)

 


CWEWomen's Business Centers

 


Eastern Massachusetts Center - Boston
44 School St., Suite 200
Boston, MA 02108
info.EasternMA@cweonline.org

Central Massachusetts Center - Westborough
69 Milk St., Ste. 217
Westborough, MA 01581
info.CentralMA@cweonline.org

Veterans Business Outreach Center of New England (VBOC of NE)
132 George M. Cohan Blvd.
Providence, RI 02903
info.VBOC@cweonline.org


Email

Disclaimer: The SBA does not endorse the organizations sponsoring linked websites, and does not endorse the views they express or the products/services they offer.  All programs and services are extended to the public on a nondiscriminatory basis.