The City of Greenfield is committed to supporting the business community. The City has worked to establish several funds to help "Microenterprise" businesses during this time. Businesses of any size looking for additional help should use the resources below and reach out to the Community and Economic Development Director to discuss options.
The City of Greenfield had two forgivable loan programs for businesses with income-eligible owners with five or fewer employees, administered with the assistance of the Franklin County Community Development Corporations (CDC). Applications are open until funds are depleted. As of January 2022, there are no remaining funds.
| To receive email updates from the Franklin County CDC on other related assistance to small businesses. Click here >> |
The Commonwealth of Massachusetts has two grant programs to help businesses impacted by the COVID-19 pandemic. Details, eligibility, and application at www.empoweringsmallbusiness.org
The Franklin County Community Development Corporation is available to assist you and your business review, explore options, and develop next steps, including loan financing, technical assistance services, and expertise for food businesses. Go to: www.fccdc.org/covid-19-resources/
Massachusetts Small Business Development Center at UMASS Amherst offers virtual advising and workshops. www.msbdc.org
U.S. Small Business Administration’s Economic Injury Disaster Loan for eligible small business, non-profits and agricultural businesses. Go to: https://www.sba.gov/page/disaster-loan-applications
Franklin County Business Resource Guide
The Franklin Regional Council of Governments has created a webpage with the latest updates on assistance to businesses during COVID-19. Click here >>
Common Capital Fast Track Loan Program
Common Capital offers a Fast Track Loan Program to address the needs of local businesses that need quick access to capital. This is an alternative to high interest rate credit cards and deceptively-priced and expensive on-line lenders. Loan proceeds may be used for most legitimate business purposes, including purchasing inventory or equipment, and for working capital. Click here >>
Additional Business Resources
For more government and private resources for business owners, click here >>
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ONLY for businesses located in GREENFIELD, BUCKLAND, MONTAGUE, AND SHELBURNE (for the Franklin County Program click here >>)
May 22, 2020
The City of Greenfield has created a Microenterprise Assistance Program for small businesses that have suffered negative economic impacts from the required shut-down or restrictions put in place in March 2020 by Governor Baker’s Declaration of COVID-19 State of Emergency. The program, originally created for Greenfield, has been able to expand to include Buckland, Montague and Shelburne.
The goal of this program is to quickly make funds available to businesses to “tide them over” during the pandemic until they are able to access the other programs and/or restore revenue streams and cash flow for their small businesses.
The City will engage the Franklin County Community Development Corporation (FCCDC) to administer this new small business (forgivable) loan program in support of the continued operation or re-opening of small businesses that are dealing with the negative economic impacts of the COVID-19 pandemic.
Microenterprise Assistance (forgivable loans) to small businesses, in operation for at least six months with 5 or fewer employees (including the owner), the owner's household income must be less than 80% of the HUD median income. Loans of up to $5,000 for business expenses (payroll, salaries, health care, rent, mortgage interest, inventory), forgivable 120 days after issued as long as they provide documentation that the funds have been spent in line with the presented budget and the owner certifies that they have not received nor will they receive funds for these expenses from other funding programs.
The following are the eligibility criteria:
The City is well aware that the small businesses are in need of more funds than we can make available. Our goal is to have the FCCDC work with businesses to develop and implement a business survival strategy (if they have not already done so) and to provide some quick financial resources to make at least good faith effort payments to their employees and vendors. FCCDC will also work with the businesses to help them apply for the other small business assistance programs that are available. We are hopeful our program will tide small businesses over so they can access the federal Paycheck Protection Program in anticipation of an additional appropriation from Congress.
Grant (forgivable loans) awards to Microenterprise (5 or fewer) will be based on what the business needs for the next 90 days and will be capped at $5,000. We will ask for a P&L statement for Calendar Year 2019 business operations and a projected budget for the funds requested. Documentation of income and your most recent IRS Tax Return will be required if you are awarded funding.
FRANKLIN COUNTY COVID RECOVERY MICROENTERPRISE ASSISTANCE PROGRAM (MAP)
ALL FUNDS SPENT as of January 2022.
6/12/2020
The City of Greenfield in collaboration with 24 Franklin County municipalities is creating a Microenterprise Assistance Program for small businesses that have suffered negative economic impacts from the required shut-down or restrictions put in place in March 2020 by Governor Baker’s Declaration of COVID-19 State of Emergency.
The City intends to engage a Contractor to administer this new small business (forgivable) loan program in support of the continued operation or re-opening of small businesses that are dealing with the negative economic impacts of the COVID-19 pandemic.
The goal of this program is to quickly make funds available to businesses to “tide them over” during the pandemic until they are able to access the other programs and/or restore revenue streams and cash flow for their small businesses.
Microenterprise Assistance (forgivable loans) to small businesses of up to $10,000 $25,000 for business expenses (payroll, salaries, health care, rent, mortgage interest, inventory), forgivable 120 days after issued as long as they provide documentation that the funds have been spent in line with the presented budget and the owner certifies that they have not received nor will they receive funds for these expenses from other funding programs.
The following are the eligibility criteria:
1. Microenterprise businesses are those with 5 or fewer employees (including the owner)
2. Owner’s household income is less than 80% HUD median income adjusted by household size
3. Business must be a for-profit business with a physical presence in Franklin County.
4. Businesses must provide goods or services to multiple clients or customers.
5. Businesses must be in good standing with the state and city/town.
a. Current on all taxes due thru 3/1/2020
b. Active and valid state licenses/registrations, if applicable, and
c. Not a party to litigation involving the state or municipality
6. Business must have been established prior to 1/1/2019 3/10/20 and currently be in operation to the extent allowable under Re-Opening Massachusetts requirements or be actively planning to reopen.
7. Businesses must have annual sales of greater than $20,000/year.
Small businesses will need more funds than can be made available through this program.
Our goal is to have the Contractor work with businesses to develop and implement a business survival strategy (if they have not already done so) and to provide some quick financial resources to make at least good faith effort payments to their employees and vendors.
The Contractor will also work with the businesses to help them apply for the other small business assistance programs that are available. We are hopeful our program will tide small businesses over so they can access the federal Paycheck Protection Program or Pandemic Unemployment Assistance.
Grant (forgivable loans) awards to Microenterprise (will be based on what the business needs for the next 90 days and will be capped at $10,000 $25,000).
| To receive email updates from the Franklin County CDC on other related assistance to small businesses. Click here >> |
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Franklin County Chamber of Commerce
Franklin County Chamber of Commerce is a membership organization dedicated to strengthening and sustaining economic and civic vitality in our region. Click here >>
Western Massachusetts Economic Development Council
The Economic Development Council of Western Massachusetts (EDC) is a private, not-for-profit corporation that provides resources and information to businesses operating in or entering the region by aiding in expansion, relocation and networking. Click here >>
Posted: Mon, Jun 1, 2020 09:57 AM
Updated Thu, May 5, 2022 12:00 AM
