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Ohio Minority Supplier Diversity Council

Goldman Sachs 10,000 Small Businesses Committing $20 million For Loans To Small Businesses And Nonprofits In Ohio

Goldman Sachs 10,000 Small Businesses is committing $20 million for loans to small businesses and nonprofits in Ohio through a partnership with Community Reinvestment Fund, USA (CRF), the largest non-profit, non-bank SBA 7(a) lender in the country.

Loans will be made to small businesses and nonprofits pursuant to the Paycheck Protection Program (PPP) under the CARES Act. This builds on existing investments by Goldman Sachs that support small businesses through the 10,000 Small Businesses initiative.

This program provides urgent cash flow assistances to small businesses and nonprofits that have been negatively impacted by COVID-19. These loans can be partially or wholly forgiven for businesses that maintain or rehire their workforce and can be used for:

  • Payroll costs;
  • Interest on mortgages;
  • Rent; and,
  • Utilities.

No collateral or personal guarantees are required. Neither the government, nor lenders, will charge small businesses any fees.

Start Your Application Here

NMSDC COVID-19 Virtual Town Hall: The Stimulus Package – Continuing the Conversation – Thursday, April 9 | 3 – 4:30 pm

NMSDC invites you to continue the conversation about the CARES Act and what this federal stimulus package can do for your business.

A special guest from The White House will provide specific details of the package and answer your questions about what it is designed to achieve. Additionally, our panel will share valuable resources about how to access programs to help your business stay afloat during this crisis.

Get first-hand information about:

  • The key elements of the package
  • Who and what qualifies for emergency coverage
  • The scale and scope of the coverage
  • The parameters and limits of the coverage
  • The application process
  • When you might expect to receive assistance

Join us in the virtual room from 3 p.m. — 4:30 p.m. (EDT) on Thursday, April 9, to be a part of this urgent discussion.

Click Here To Register – https://cvent.me/PqPqyO

Ohio Small Business Development Center Gives SBA Economic Disaster Loan Update; Assists Business Owners At No Cost During COVID-19 Pandemic

Michael Bowers, Director of the Ohio Small Business Development Center at Columbus State Community College, shared the following update with Ohio business owners recently regarding the SBA Economic Disaster Loan program and the CARES Act passed days ago by the U.S. Congress

I wanted to update you on some of the changes to the SBA Economic Disaster Loan program and new programs created by the Coronavirus Aid, Relief and Economic Security Act (CARES Act) recently passed by Congress and signed by the President. This legislation has brought $2.2 trillion to the economy to support individuals and small businesses impacted by the COVID-19 pandemic. We at the Ohio Small Business Development Center are here to assist small business owners to take advantage of the programs best suited to make a positive impact on their businesses.

Here are three major loan/grant programs created in the legislation designed for small businesses :

Economic Injury Disaster Loans: The Economic Injury Disaster Loan is a low-interest, fixed-rate loan, with extended terms,  purposed to offset a lack of working capital for small businesses. This would be used to pay for operational costs such as rent, utilities, and payroll based on lost revenue directly related to the COVID-19 outbreak. Unsecured loans are available up to $25,000. Loans over that amount will require collateral with real estate preferred. The loans feature a reduced interest rate of 3.75% on loans to for-profit businesses and 2.75% to private, non-profit businesses. Payments are deferred for 11 months which means there are no payments due for a year.  More information and the application portal is at https://covid19relief.sba.gov/#/.

Emergency Economic Injury Grants: These grants provide an emergency advance of up to $10,000 to small businesses applying for the Economic Injury Disaster Loans. Business owners can access these grants by applying for the Economic Injury Disaster Loan and request the advance on the application. $10,000 will be made available to you within three (3) days of your completed application. This advance is a grant and does not need to be repaid, however it will be deducted from the approved loan amount. These funds can be used to keep employees on payroll, pay for sick leave, pay business obligations or other impacted operational issues created by the COVID-19 outbreak.

Paycheck Protection Program (PPP) Loans: This program provides cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain heir payroll during this emergency. If employers maintain their payroll a portion of the loan will be forgiven, which would help workers remain employed. Loan amounts will be determined by SBA guidelines for the loan and will be based on calculations using qualifying expenses for the period from February 15, 2020 – June 30, 2020. Note, entrepreneurs will go to your bank to apply for these loans rather than applying directly to the SBA.

Specific features of these loans include:

  • Forgiveness of a portion of the loan equal to 8 weeks of payroll
  • Interest rate on the portion of the loan not forgiven is .5% with a maximum term of 2 years
  • No SBA fees, zero prepayment fees
  • At least six months of payment deferral
  • Loans can be used for payroll and payroll related costs; continuation of health care benefits; payments of interest on mortgages; rent; Utilities; and interest on debt obligations incurred prior to the period

There are a lot of moving parts relating to support available for small businesses and in some cases misinformation. We at the SBDC are specifically trained in these products and are fully staffed and ready to assist business owners, at “no cost” during these challenging times. Please feel free to reach out to me at Ohio SBDC at Columbus State for any support by calling 614-287-5509 or email mbowers3@cscc.edu.

Thank you for all you do to support small business ownership. We can all come through this stronger and wiser by working together and supporting each other.

Stay safe!

Michael Bowers ǀ Director
Ohio Small Business Development Center

COLUMBUS STATE COMMUNITY COLLEGE

550 East Spring Street, Columbus, OH 43215

(614) 287-5509 | mbowers3@cscc.edu

NMSDC Virtual Town Hall – How the Federal Relief Initiative Works for Minority Business – Friday, April 3

What is the COVID-19 Relief Stimulus Package?
Friday, April 3, 2020
11 a.m. — 12:30 p.m. (EDT)


To confront the biggest question that we are all facing today – how does minority business survive and even thrive during the COVID-19 crisis? NMSDC invites you to join us for a very special live Virtual Town Hall on Friday, April 3, about the CARES Act and what this federal stimulus package can do for minority business.

Senator Tim Scott, involved in crafting the largest stimulus package in American history, will be joining us for Friday’s essential conversation. He, along with a special guest from The White House policy team, will provide specific details of the package and answer your questions about what it is designed to achieve.

Get first-hand information about:

  • The key elements of the package
  • Who and what qualifies for emergency coverage
  • The scale and scope of the coverage
  • The parameters and limits of the coverage
  • The application process
  • When you might expect to receive assistance

This Town Hall is the place to cut to the chase during this critical moment and will provide the opportunity to ask pertinent questions and get the answers you need for your business. Minority Business Enterprises (MBEs), corporate members and NMSDC affiliate presidents are urged to participate in this vital conversation about our current business environment, and how it impacts the future of NMSDC and minority supplier development.

Join us in the virtual room from 11 a.m. — 12:30 p.m. (EDT) on Friday, April 3, to be a part of this urgent discussion.

Meet You in the Virtual Room!
Registration closes at 9 a.m. (EDT) on Friday, April 3
The live web cast is limited
A live stream will also be available on YouTube

REGISTRATION LINK