COVID 19 RESOURCE CENTER

   

Investment Connection, a program through which CRA-eligible nonprofits can connect with potential funders.

Investment Connection brings together nonprofit organizations, bankers, foundations, and public and private funders in the regions served by the Federal Reserve Bank of Richmond to explore community development opportunities that fit their mission, especially in low- and moderate-income, distressed and underserved communities.

The Federal Reserve Bank of Richmond serves Virginia, Maryland, Washington D.C., North Carolina, South Carolina and most of West Virginia.   Click here for a video explaining the application process and see successful 2019 proposals.

Applications for funding now being accepted March 30- May 1, 2020 No minimum, no maximum, multi year funding - Grants available.

Small Business Administration (SBA): https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loanresources

The United States CARES Act SBA Loans: Paycheck Protection Program
The Paycheck Protection Program that allows nonprofits with less than 500 employees to borrow up to 250% of average monthly payroll, for use over 8 weeks from loan origination on payroll, rent, mortgage and utilities. These loans are forgivable with certain terms and conditions.

The application is now open. Before applying, find this checklist to help you complete the application.

This is the $350 billion program for employers including nonprofits with no more than 500 employees – SBA now has an informational webpage including a sample application form. This also referred to a the 7(a) loan program in the CARES Act.

Applications for the PPP will be processed through local banks. Contact your bank today to talk with them about your application. Here is a list of SBA approved lenders in Maryland.

SBA Low-Interest Disaster Loan
Small businesses and nonprofits can apply for low-interest working capital loans of up to $2 million from the U.S. Small Business Administration (SBA) to help alleviate economic injury resulting from the on-going coronavirus pandemic.

The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the pandemic’s impact. The interest rate is 3.75 percent for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for nonprofits is 2.7 percent. Businesses and nonprofits apply directly to the SBA, which will determine loan terms on a case-by-case basis based upon each borrower’s ability to repay. Find more information and apply.