Federal Reserve: Main Street Lending Program Expanded to Allow More Small- and Medium-Sized Businesses to Receive Support
The Federal Reserve Board on Monday expanded its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support. The Board lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment schedule to begin after two years, and extended the term to five years, providing…
EDA: $500,000 Invested to Support Growth of the Manufacturing and Construction Sectors Near Opportunity Zone in Albuquerque, NM
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $500,000 grant to DreamSpring of Albuquerque, New Mexico, to support the rollout of its Expreso loan program, which will provide a new financial product to assist businesses in New Mexico and Texas. The EDA grant, to be located near a Tax Cuts and…
SBA: Treasury and SBA Announce $10 Billion for CDFIs to Participate in the Paycheck Protection Program
Today, the U.S. Small Business Administration, in consultation with the U.S. Treasury Department, announced that it is setting aside $10 billion of Round 2 funding for the Paycheck Protection Program (PPP) to be lent exclusively by Community Development Financial Institutions (CDFIs). CDFIs work to expand economic opportunity in low-income communities by providing access to financial…
SBA: Launch of New Maryland Women’s Business Centers Celebrated
Increases Opportunities and Recovery Solutions for Women Entrepreneurs with Two New Women’s Business Centers The U.S. Small Business Administration announced today the launching of two Maryland Women’s Business Centers hosted by Morgan State University in Baltimore and Maryland Capital Enterprises in Salisbury. These new centers will carry out the mission of helping women-owned small businesses start, grow, and expand…
EDA: $4.8 Million Invested to Establish Small Business Center in North Carolina Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $4.8 million grant to the town of Fair Bluff, North Carolina, to construct the Town of Fair Bluff Small Business Center. The EDA grant, to be located in a Tax Cuts and Jobs Act Opportunity Zone, will be matched…
EDA: $1 Million Invested to Establish Revolving Loan Fund for Businesses in Opportunity Zones in Southeast New Hampshire
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to the Rockingham Economic Development Corporation (REDC) of Raymond, New Hampshire, to establish a Revolving Loan Fund (RLF) to provide critical gap financing to businesses and entrepreneurs in the REDC service area. The EDA…
Census Bureau: ABS Release Provides Data on Minority- and Women-Owned Businesses
The U.S. Census Bureau today released new estimates showing 1.1 million employer firms were owned by women and 1.0 million by minorities. According to the 2018 Annual Business Survey (ABS), covering year 2017, 5.6% (322,076) of all U.S. businesses were Hispanic-owned and 6.1% (351,237) were owned by veterans. Additional statistics released include: In 2017, the sector with…
EDA: $800,000 Invested to Establish Revolving Loan Fund to Serve Small Businesses in Seven Disaster-Impacted South Dakota Counties
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $800,000 grant to the West River Foundation for Economic and Community Development in Sturgis, South Dakota, to establish a Revolving Loan Fund (RLF) to assist small businesses impacted by natural disasters in Bennett, Butte, Custer, Fall River, Meade, Pennington, and Perkins counties….
SBA: Treasury and SBA Release Paycheck Protection Program Loan Forgiveness Application
Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES…
Census Bureau: First Results of Experimental Small Business Pulse Survey Released
The Census Bureau today released the first results from its Small Business Pulse Survey. The results represent data collected between April 26 and May 2, 2020 and are available at <www.census.gov/businesspulsedata>. The experimental Small Business Pulse Survey (Business Pulse) measures the changes in business conditions on our nation’s small businesses during the coronavirus (COVID-19) pandemic in…