Governor Baker speaking in Lawrence to announce help for small businesses affected by Merrimack Valley gas explosions
Posted by Boston 25 News on Friday, September 28, 2018
What is the fund? A $1,000,000 emergency fund that targets businesses that have been directly impacted by the recent natural gas tragedy in the communities of Lawrence, Andover and North Andover.
How was the fund created? The Fund is the result of a collective effort between Mass Growth Capital Corporation, the 10 lenders involved with the Lawrence Venture Loan Fund, Mill Cities Community Investments, and with leadership from both Mayor Rivera and the Governor Baker.
Who qualifies?Any business that has been impacted by the recent gas disaster will qualify for the funds, including businesses from Lawrence, Andover, and N. Andover.
Who is the lender of the fund? Mill Cities Community Investments, a certified Community Development Financial Institution.
What are the terms/rates: this fund is being offered with no payments and no interest for the first 6 months. For businesses that extend beyond a 6 month period, market rates will apply and loans can be extended or restructured for multi-year term loans. Businesses can apply for up to $50,000. There is no minimum loan amount.
Application process/requirements: The fund is designed to create an expedited application and approval process, with the goal of getting all applications processed within 24 and 48 hours. APPLY IN PERSON.
- Emergency Business Loan Application bit.ly/EmergencyLoanFund
- Copy of Claim file with gas company
- Evidence business is a customer of Columbia gas in good standing
- Estimates or invoices for proposed use of funds
- Financials- business and personal tax returns, year to date profit and loss statement, bank statements
- Payroll records and other documentation to back up (per Columbia gas application)
- Copy of lease
- Business certificate
Contact us by phone, email, or walk in
50 Island Street
ENTRANCE B, Suite #103
Lawrence, MA 01840
Frank Carvalho, Chief Executive Officer
Ari Veloz, Chief Operating Officer
Kristin Wallace, Commercial Lender