Micro-Enterprise Forgivable Loan Program Pre-Application
In response to the economic impact of the COVID-19 pandemic, the Towns of Dennis in Barnstable County and the Towns of Martha's Vineyard: Edgartown, Oak Bluffs, Vineyard Haven, West Tisbury, Chilmark, and Aquinnah in Dukes County; are working in conjunction with TRI-The Resource Inc. and the MA Department of Housing and Community Development (DHCD) in providing a Micro-enterprise grant/forgivable loan program in support of the continued operation or re-opening of micro-enterprises that are dealing with the negative economic impact of the COVID-19 pandemic. The goal of this program is to make funds available to micro- enterprises that have been negatively impacted due to circumstances related to the COVID-19 pandemic. Micro-enterprise Assistance is available to micro businesses; in operation since October 1, 2019 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 $10,000 for business expenses (payroll, salaries, health care, rent, mortgage interest, inventory, equipment and working capital), forgivable after issued as long as business provides 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
If you own a for profit business employing no more than five individuals including the owner, you may be eligible for up to $10,000 in the form of a forgivable loan. Fill out this pre-application to find out if your business is eligible. Completed full applications with supporting documentation will be reviewed on a first come first serve basis.
The following are the eligibility criteria:
1. Business must be a for-profit business located in Dennis, Edgartown, Oak Bluffs, Vineyard Haven, West Tisbury, Chilmark, or Aquinnah.
2. Business must have been in operation on October 1, 2019 and have had continuing operations through March 10, 2020.
3. Businesses must have five (5) or fewer current employees (including the owner).
4. Business owner's household income must be less than 80% HUD median income (adjusted by household size).
5. Business must either be open as an essential business or intend to reopen as allowed by guidance issued by the Governor's Order.
6. Business must have annual gross sales of at least $20,000.
7. Priority to businesses with brick and mortar operations in Dennis, Edgartown, Oak Bluffs, Vineyard Haven, West Tisbury, Chilmark, or Aquinnah.
8. Funds will be available on a first come, first serve basis. Timing is based on when the application is complete and received with all the requested documents. Everything will be time stamped.
Please add the date you are submitting this pre-application.
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