| SBA Emergency Loan Assistance Application Now Open! IMPORTANT INFORMATION If you hadn’t heard yet, Walworth County now has two confirmed cases of COVID-19. For more details, contact Emily Haas, ehaas@co.walworth.wi.us Walworth County also Declared a State of Emergency earlier today. Click here for more details. ****************************** ********************** FUNDING ASSISTANCE – APPLICATION PROCESS OPENED THIS MORNING (3/20) FOR WALWORTH COUNTY BUSINESSES SBA Disaster Loan Applications are now open for Walworth County businesses! Click HERE for the official announcement as well as training webinars and resources to help you complete this loan application. Process overview HERE. We encourage you to get applications submitted as soon as possible. First, set up your online profile by clicking HERE. Below are the forms you will need to complete the application. It is being suggested that you fill out these forms separately before you start completing the application. This will make the online application process quicker and more efficient. A few tips and notes: If your credit has decreased recently due to credit checks, please note that in the narrative section that can be uploaded as an attachment. In your narrative, talk about the loss you have already sustained and the loss you forecast for the next 4-6 months. Ask for a loan amount that will sustain you for that same time period. We are being told that applications will take 2-3 weeks for approval and funds will be received 30-45 days from the time you submit your application. Some banks will be offering bridge loans, if you verify that you have submitted an SBA application, or show an approved SBA application. All businesses can apply for a loan. You do not have to prove that you are eligible for a loan from a bank. You can reach out to WCEDA or your county-wide chambers and visitors bureaus for general assistance or questions. For specific questions, you can reach out to the following contacts:Business Answer line at 800-940-7232 SCORE Southeast Wisconsin is available by phone at 414-297-3942, or visit www.score.org WWBIC Especialista Comunitario de Empresas Latinas: Lily Alvarado, Consultora Bilingue de Pequeños Negocios, 414-395-4536, Lily.alvarado@wwbic.com Below is the information and corresponding forms you will need to complete for the SBA Emergency Loan program:Tax Information Authorization (IRS Form 4506T) for the applicant, principals and affiliates. Complete copies of the most recent Federal Income Tax Return. Schedule of Liabilities (SBA Form 2202). Personal Financial Statement (SBA Form 413). Profit and loss statements Monthly sales figures (SBA Form 1368) Application Form Worksheet (In question 1, mark “Economic Injury” only OTHER POTENTIAL FUNDING SOURCES WWBIC (Wisconsin Women’s Business Initiative Corp.) – will be offering a special loan up to $25,000 soon that will not be collateralized and will not need to go to committee in an effort to get funding to businesses sooner. WWBIC’s interest rate is higher than a traditional bank loan; however, all loan grantees have access to business consultants that can help guide businesses through a multitude of challenges. These loans also have no pre-payment penalities, so if you are able to refinance with a lower-interest loan, you can do so at any time. For more information, contact Project Manager Heather Lux Heather is receiving a high volume of calls and emails. So, be patient but also be persistent in following up with her. KIVA – is a partner with WWBIC and is increasing its loan amount to $15,000. Kiva.org is a crowd-funding resource that issues loans with no interest payments. How this works is that a business sets up a profile and shares it with friends, family, and acquaintances through social media. Once approximately 10-15 % of the funds are raised, other partners in the Kiva network generally start to contribute to the campaign. If the goal is not met within the specified time, the funds are returned to the contributors. First-time users of this platform are advised to have a smaller goal. Once loans are paid back successfully, a user can do an additional loan campaign and raise the goal amount. It helps the funding process to have an endorsement from an organization such as WWBIC. Again, contact Project Manager Heather Lux about WWBIC endorsing your business. WEDC SB202 GRANT – This grant is available to businesses that have received loans from the CDFI organizations on this list. If you have a loan from one of these organizations, you may qualify for a grant for up to $20,000. Click here to read the announcement and more details. LOCAL BANKS – Talk with your local banks to see how they can assist you. Some have developed special programs and are deferring payments. We hope to be able to share more specifics about these banks and their offerings in the next few days. WORK SHARE – Work-Share avoids layoffs, allowing workers to remain employed & employers to retain trained staff during times of reduced business activity. This is designed for 20 positions or 10% of a work unit. For more information, click here. Other helpful resources from the Department of Workforce Development. Click here. ****************************** ************************ UPCOMING WEBINARS DAILY WEBINARS, 10 AM and 2 PM – Half-hour webinars to help you complete the SBA Disaster Loan application. Wisconsin’s SBA office will also offer daily webinars starting Saturday, March 21 to answer your questions–register now. Click HERE to register for the 10:00 AM webinar Click HERE to register for the 2 PM webinar ****************************** ********************** TUESDAY, MARCH 24 TH, 11 AM 11:00 AM – this webinar is part of an ongoing series conducted by Metropolitan Milwaukee Association of Commerce and Milwaukee7. It will provide a discussion about business strategies during the pandemic and beyond. [FREE REGISTRATION] [MMAC RESOURCE LISTING] ****************************** ********************* AVAILABLE NOW – Pre-Recorded Webinar – Coronavirus and its Impact to Your Workplace This webinar is presented courtesy of MRA, HR Advisors. [FREE REGISTRATION] See also, MRA’s Contagious Diseases and Pandemic Toolkit and Communication Memo to Employees on Coronavirus (COVID-19) ****************************** ********************* FEELING OVERWHELMED? The SAMHSA Disaster Distress Helpline provides 24/7 365 day-a-year crisis counseling and support to people experiencing emotional distress related to any natural or human caused-disaster.Call DistressLine at 1-800-985-5990 Text TalkWithUs to 66746 ****************************** ********************* NEED WORKERS, NEED A JOB, WANT TO SHARE A CREATIVE TACTIC? LET US KNOW BY CLICKING HERE. ****************************** ************************ MISSED OUR EARLIER COMMUNICATION WITH OTHER IMPORTANT RESOURCES? CLICK HERE TO ACCESS THE LINK FOR 3.19.20 COMMUNICATION CLICK HERE TO ACCESS THE LINK FOR 3.18.20 COMMUNICATION CLICK HERE TO ACCESS THE LINK FOR 3.16.20 COMMUNICATION CLICK HERE TO ACCESS THE LINK FOR 3.13.20 COMMUNICATION |
Walworth County Economic Development Alliance Offers Emergency Funding, Webinars and Other Information for Employers (Additional information added 3/21)
Posted on: March 20, 2020
Posted in Archives
