Business Disaster Relief Resources
Bank of Sun Prairie is providing this resource list as a service to our customers. Let us know if and how we may help you during this time. You can reach us at 608.837.4511 or via [email protected]. To find one of our business bankers directly, click here.
U.S. Small Business Administration (SBA) Economic Injury Disaster Loans and Advance
SBA’s EIDL program offers long-term, low-interest assistance for a small business or nonprofit. These loans can provide vital economic support to help alleviate the temporary loss of revenue. EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses. This program is done directly through the SBA.
- The SBA is offering low-interest federal disaster loans for working capital to small businesses and nonprofit organizations that are suffering substantial economic injury as a result of COVID-19 in all U.S. states, Washington D.C., and territories.
- These loans may be used to pay debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan. The interest rate is 3.75% for small businesses. The interest rate for nonprofits is 2.75%.
- To keep payments affordable for small businesses, SBA offers loans with long repayment terms, up to a maximum of 30 years. Plus, the first payment is deferred for one year.
For more info and to apply, visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance
Wisconsin Economic Development Corp (WEDC) We’re All In Small Business Grant – Phase 2
WEDC’s We’re All In Small Business Grant Program provided much-needed financial assistance to thousands of Wisconsin small businesses affected by COVID-19. Despite the infusion of federal Coronavirus Aid, Relief, and Economic Security (CARES) Act funds administered by WEDC throughout the summer, many Wisconsin small businesses continue to struggle. That is why WEDC is opening up the second phase of We’re All In Small Business Grants, making available more than $50 million of additional CARES Act funding to Wisconsin businesses hard hit by the pandemic.
How It Works:
We’re All In Small Business Grant – Phase 2 makes CARES Act funding available to Wisconsin small businesses that were unable to apply for Phase 1 of the program. And, it makes additional funds available to companies that were awarded Phase 1 grants.
Phase 2 grants of $5,000 will be awarded based upon the business’s annual revenue. Businesses with more than $0 but less than $1 million in annual revenues (gross receipts less returns and allowances) and one to 50 full-time equivalent employees (FTEs) in 2019 are eligible to apply. Priority will be given to businesses that did not receive a grant from WEDC in Phase 1, have ethnic minority ownership, and are in an industry with the greatest negative impact from the COVID-19 pandemic.
Applications will be accepted from 8 a.m., Monday, Oct. 19, 2020, to 11:59 p.m., Monday, November 2, 2020.
Applicants are encouraged to gather the necessary information and documents before the application window opens but should note the timing of their application does not affect their chances of receiving a grant. Grants are not awarded on a first-come-first-served basis.
For more information and to apply, visit:
Sun Prairie Small Business Emergency Loan Fund
The Sun Prairie Small Business Emergency Loan Fund is designed to provide critical financial assistance to qualified small businesses that have been negatively impacted by the COVID-19 pandemic. Funds from the City of Sun Prairie, the Sun Prairie Chamber of Commerce, the Sun Prairie Business Improvement District and Bank of Sun Prairie have been pooled to create this fund. It is specifically meant to be leveraged with other federal and local programs.
Eligible applicants include private, for-profit small businesses of 25 or fewer employees. Businesses must demonstrate that 1) the business was financially viable before Coronavirus, 2) that Coronavirus has directly impacted the business, and 3) that this assistance is likely to keep the business solvent.
Eligible Uses of Funds:
- Rent costs not covered by PPP
- Utilities cost not covered by PPP
- Other Business-Related Loan Payments or Leases not covered by PPP
- Personal Protective Equipment
- Cleaning Supplies
- Lost Inventory
- Other operating costs directly related to the business may be considered by the oversight committee at their sole discretion depending upon the number of applications received, the purpose of requested funds, and the availability of funds.
- Loan amount up to $5,000
- Interest rate fixed at Prime at time of approval
- Payment period begins 90 to 180 days after loan approval; monthly payments for one to two years thereafter
- No prepayment penalty
For more information, application and submission instructions, visit https://cityofsunprairie.com/1325/Small-Business-Emergency-Loan-Fund
Disclaimer: This list is not definitive, more funds and resources are becoming available all the time. We will do our best to update this list as more information becomes available. Bank of Sun Prairie makes no representation regarding the likelihood of success in receiving any of the funds or loans listed above, and for full application material, conditions, and eligibility you must check and apply directly with the organizations providing the resources.