15 Nationwide Funding Programs for Business Loans During the Pandemic
Many small business owners are frustrated with the speed and size of the Paycheck Protection Program in the U.S., but the stimulus isn’t the only way employers can get their hands on monetary relief.
Grants and other local initiatives are filling the gap for business owners who have been negatively affected by the coronavirus pandemic. Business Insider compiled a comprehensive list of these programs below.
Arkansas’ Quick Action Loan Program – The Arkansas Economic Development Commission and Arkansas banks will offer up to $250,000 in loans and loan guarantee programs to eligible businesses.
California’s Disaster Relief Loan Guarantee Program – The Small Business Finance Center at California’s IBank will provide up to $50,000 in direct loans and loan guarantees to eligible small and mid-size businesses.
Cambridge, Massachusetts’, Small Business COVID-19 Relief Grant – a relief grant grants for up to $6,000 for eligible retail, food, personal services, and creative businesses with brick-and-mortar locations.
Chicago’s Small Business Resiliency Loan Fund – provides up to $50,000 in low-interest working-capital loans to small businesses affected by the coronavirus pandemic.
Delaware’s Hospitality Emergency Loan Program – no-interest loans of up to $10,000 per month for businesses in the hospitality industry
Florida’s Small Business Emergency Bridge Loan Program – short-term and interest-free loans for up to $50,000 per eligible business.
Louisville, Kentucky’s, Small Business Continuity Loan Program – provides up to $25,000 in short term, no-interest loans for small businesses.
Maine’s COVID-19 Relief Business Direct Loan Program – low-interest loans of up to $50,000 to eligible businesses.
Maryland’s COVID-19 Emergency Relief Manufacturing Fund – grants of up to $100,000 to Maryland-based manufacturers that produce critical needs items.
Minnesota’s Small Business Emergency Loans – up to $35,000 in interest-free loans to eligible local businesses.
New Jersey’s Small Business Emergency Assistance Loan Program – the program supplies zero- and low-interest loans of up to $100,000 to eligible local businesses.
New Jersey’s Entrepreneurship Guarantee Program – guarantees up to 80% of investor loans to New Jersey-based startups for working capital expenses capped at $200,000 per business.
New Mexico’s COVID-19 Business Loan Guarantee Program – provides lenders with loan guarantees of up to 80% or $50,000 for business loans or lines of credit offered to businesses.
Oklahoma City’s Small Business Continuity Program – program reimburses companies with 15 or fewer staffers up to $10,000 for costs related to payroll.
St. Louis, Missouri’s, Small Business Resource Loan Program – interest-free loans of up to $5,000 for working capital to eligible businesses in the region.