FACC Offering SBA Microloans
Effective immediately, First American Capital Corp. is offering SBA Microloans up to $50,000 with the first six months principal and interest payments covered for you by the U.S. Small Business Administration (SBA) - as an element of the Coronavirus Aid, Relief and Economic Security Act (CARES Act).
This loan product is designed to help eligible businesses fund the purchase of equipment, inventory, fixtures, supplies and/or working capital needs.
For More information: CLICK HERE
WEDC Ethnic Minority Grant Now Available
On Friday, May 8th, Governor Tony Evers announced that 1,000 ethnically diverse micro-businesses that have suffered loses due to the COVID-19 pandemic will be eligible to receive grants of up to $2,000 each under a new state program.
The $2 million initiative is focused on supporting ethnically diverse micro-businesses that have not received SBA Paycheck Protection Program or state disaster relief.
For more information and how to apply: LEARN MORE
THE CARES ACT AND PAYCHECK PROTECTION PROGRAM FOR SMALL BUSINESSES
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. These programs include the Paycheck Protection Program, Emergency Economic Injury Grant, Small Business Debt Relief Program and other resources.
The Paycheck Protection Program provides federally guaranteed loans to help small businesses (generally defined as those with fewer than 500 employees) maintain payroll and pay certain other expenses during the COVID-19 emergency. The loans offered through this program may be forgiven if the employer maintains their workforce and uses the loan for payroll or other expenses, including rent, mortgage payments, utilities, and group health insurance. Business owners will be able to apply for these loans at lending institutions, including many community banks, that are approved to participate in the program through the existing Small Business Administration (SBA) lending program. Additional guidance and details will soon be released through the SBA website.
Current information is available through the links below.