For Our Commercial Loan Clients
We understand the concerns that continued uncertainty brings and the impact COVID-19 is having on commercial enterprises. Our commercial Relationship Managers are working each day under our remote work plan ensuring uninterrupted support to our commercial clients.
Do You Need Advice and Support?
We are available to you and invite you to reach out to your Relationship Manager to discuss what’s on your mind and how we can help. We are here to offer assistance based on your unique circumstances and needs. If you prefer us to reach out to you, we have created a COVID-19 Commercial Request Contact Form. Please complete the details and we will reach out to you!
As an additional resource, we are providing a summary of some of the new relief programs created by the government, state and local business groups and coalitions. Below are some quick links and summaries of reputable organizations offering additional relief programs or other assistance. While these are not programs developed and managed by BMT, they have valuable information and access to other areas of support.
SBA Disaster Assistance Loan
Businesses experiencing economic hardship caused by the COVID-19 pandemic are now eligible to apply for an SBA Disaster Assistance Loan. Business owners in eligible states may now apply for an economic injury disaster loan directly through the Small Business Administration.
Visit BMT’s summary page for more details: https://www.bmt.com/sba-disaster-loan-assistance-program/.
SBA Training Opportunities
SBA Offers Daily Disaster Loan Training Webinars for Small Business
The U.S. Small Business Administration Eastern Pennsylvania District Office and the Chester Delaware Counties SCORE Chapter will hold webinar training on the SBA Economic Injury Disaster Loan (EIDL) Program for small businesses and private non-profits due to COVID-19.
The webinar will provide you with answers and help you understand: 1) who is eligible for an SBA Disaster (EIDL) loan, 2) what you need to have in hand before filing your application, and 3) Q&A time devoted to answer your specific questions.
- Daily meetings Schedule begins Tuesday, March 24 and continues daily through Friday April 3. Webinars are offered Monday through Friday.
- Each Webinar starts at 12:00 noon and concludes at 1:30 p.m. WebEx is first come first serve and may fill up.
- To join: Login Information: https://score.zoom.us/j/723846010
- Call the SBA District Office at 610-382-3062 with any questions about the training.
The City of Philadelphia COVID-19 Small Business Relief Fund
Providing some small businesses impacted by the COVID-19 pandemic with immediate relief through a mix of grants and loans: https://www.phila.gov/programs/philadelphia-covid-19-small-business-relief-fund/.
PA Department of Community and Economic Development (DCED) Capital Loans
PA Department of Community and Economic Development (DCED) Loan Program
The State of PA approved a $60 million COVID-19 Working Capital Access Program (CWCA), administered by the Pennsylvania Industrial Development Authority (PIDA). Working capital loans up to $100,000 are available to qualifying small businesses with 100 or fewer full-time employees.
All CWCA loan applications must be submitted through a Certified Economic Development Organization (CEDO). For a list of CEDOs operating in PA, please refer to the CEDO webpage, https://dced.pa.gov/CEDO.
For more information, visit the official website: https://dced.pa.gov/programs/covid-19-working-capital-access-program-cwca/
New Jersey Economic Authority Programs
The New Jersey Economic Development Authority (Business.NJ.gov) announced a package of new initiatives that includes a grant program for small businesses, a zero-interest loan program for mid-size companies, support for Community Development Financial Institutions (CDFIs), funding for entrepreneurs, and a variety of resources providing technical support and marketplace information. A summary of all the new financial support programs that are available to CDFIs and businesses impacted by the COVID-19 outbreak can be found here.
Here is a summary of the grant, loan and related technical assistance programs currently available to small and medium-sized businesses in NJ:
Small Business Emergency Assistance Grant Program – A $5 million program that will provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services – such as repair, maintenance, personal, and laundry services – to stabilize their operations and reduce the need for layoffs or furloughs.
Small Business Emergency Assistance Loan Program – A $10 million program that will provide working capital loans of up to $100,000 to businesses with less than $5 million in revenues. Loans made through the program will have ten-year terms with zero percent for the first five years, then resetting to the EDA’s prevailing floor rate (capped at 3.00%) for the remaining five years.
Emergency Technical Assistance Program – A $150,000 program that will support technical assistance to New Jersey-based companies applying for State and US Small Business Administration programs. The organizations contracted will be paid based on SBA application submissions supported by the technical assistance they provide.