COVID-19 EXPRESS LOANS AVAILABLE
The Mt. Washington Valley Economic Council is happy to announce that funding has been received from Rural Micro-Entrepreneur Assistance Program (RMAP) to offer loans to small businesses in the area.
An Express Loan Program has been specifically put in place to offer expedited loan closings to help small businesses get through the COVID-19 crisis.
Here is an outline of the program:
COVID-19 Express Loan Package
Rural Microentrepreneur Assistance Program
Guidelines
1. Maximum loan amount – $25,000
2. Must be an existing business
3. Businesses with up to 10 employees including owner
4. Minimum credit score 640. For credit scores lower than this, customer may submit narrative describing credit score problem
Terms
1. Total loan term – 5 years
2. Interest rate – 2.25%
3. Interest free – months 1 – 3
4. Interest only – months 3 – 6
5. Amortization over remaining 54 months
6. Requires personal guarantee
7. Approved uses: accounts payable and payroll
Checklist
1. Complete RMAP Loan application
2. Include most recent business tax return
3. Complete updated Personal Financial Statement
4. Provide narrative of summary of use of funds, including employee retention commitment
Jac Cuddy is available to help with any questions you have on the program. He can be reached at the office at: 603-447-6622, by email at jac@mwvec.com or by cell: 603-455-3610
Please let us know how we can help.