ACTON – Five communities have come together to provide forgivable loans to local small businesses, in partnership with The Resource Inc. Cities include Acton, Boxboro, Littleton, Maynard and Westford.
Acton, who will lead the program, received $ 1.6 million as part of a community development block grant for a microenterprise forgivable loan program. This program will provide eligible businesses with a one-time grant of up to $ 10,000 towards costs, including rent, staffing and utilities. The Coronavirus Help, Relief and Economic Security Act initially provided funds to the state to support businesses at the local level.
Eligible businesses will have five or fewer employees, including owners. The homeowner (s) must meet low to moderate household income criteria, as designated by the US Department of Housing and Urban Development in all five cities.
“We are grateful to be able to use this $ 1.6M in CARES CDBG-CV funding to help micro-businesses in our five communities that have been financially impacted by the COVID-19 pandemic, as well as two other programs targeting health providers. social services, which will be announced in early February, ”said John Mangiaratti, Director of the City of Acton. “These businesses have been significantly affected by the pandemic over the past year, and this funding, which can be used for expenses not covered by other funding programs, we hope will greatly help our local businesses through. this difficult period.
“The City of Westford is pleased to announce this grant program of up to $ 10,000 for eligible microenterprises and looks forward to helping these businesses continue to operate during these unprecedented times,” said the director of the City of Westford, Jodi Ross. “These businesses are part of our community and are essential to maintaining our uniqueness.”
“Littleton is delighted to join our neighboring communities to support local businesses that have been greatly affected by COVID-19,” said city administrator Anthony Ansaldi. “The pandemic has highlighted the importance of our local businesses, the role they play in our community and how they help define the character of our city.
According to a Harvard University study released last month, the number of small businesses in Massachusetts has declined 37% since last year, and the revenues of those still open have declined by 44%. The hospitality and retail sectors were among the hardest hit.
For more information and to see if your business is eligible, visit trimicroeloans.org and choose the Acton Boxboro tab to complete the pre-application questionnaire. Once submitted, applicants will receive an email with further instructions. Pre-requests are reviewed on a first come, first served basis.
Contact TRI at [email protected] for any questions.