Members: Here is a link to the Massachusetts Department of Agricultural Resources: https://www.mass.gov/guides/covid-19-resources-for-agriculture#-financial-resources-and-funding-opportunities- that may also be helpful. Scroll down to Financial Resources and Funding Opportunities.
The Massachusetts Gaming Commission Offers Resources to Small Businesses Serving the Casino and Horse Racing Industry
The Massachusetts Gaming Commission (MGC) today announced resources available for small businesses in Massachusetts that serve the casino and horse racing industry and have been impacted by the Coronavirus (COVID-19). Recently the MGC engaged two small business technical assistance providers to provide targeted, one-on-one consulting expertise to small and medium-sized Massachusetts-based companies who are currently vendors to the state’s gaming licensees. Also, MGC is providing a list of resources now being offered by the Commonwealth to support small businesses.
“The MGC recognizes and empathizes with the challenges that many small businesses are facing due to the unprecedented circumstances caused by COVID-19. The MGC is here to work with you and wants to make casino and racing vendors aware of important resources that are available to help. We will continue to communicate about emerging resources as we navigate this challenging time together,” said Jill Griffin, MGC director of workforce, supplier and diversity development.
Assistance for casino and horse racing vendors provided by the MGC include:
Local Enterprise Assistance Fund (LEAF): LEAF is a non-profit community development organization that helps small businesses by providing financial counseling through their Elevate Small Businesses program. Visit their website.
Franklin County Community Development Corporation (FCCDC): For 40 years, the FCCDC has been assisting business owners as they work to thrive in changing economic conditions. Visit their website.
Additional assistance for small businesses provided by the state include:
MassHire Department of Career Services Rapid Response Team: Prevent layoffs with Rapid Response, a federally mandated, pre-layoff service designed for companies and employees experiencing a layoff or closing. Programs include WorkShare that offers an alternative to layoffs. Employees work reduced hours while collecting unemployment benefits to supplement their lower wages.
For more information:
Small Business Administration’s Economic Injury Disaster Loan program: Federal disaster loans provide working capital to Massachusetts small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since January 31, 2020, may qualify for Economic Injury.
Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75% for small businesses. The interest rate for private non-profit organizations is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable; these terms may go up to a maximum of 30 years, and are available to entities without the financial ability to offset the adverse impact without hardship.
How to apply:
U.S. SBA, SCORE, and Women Business Centers will be providing workshops to answer questions and to help small businesses with the loan application process.
Application deadline for an Economic Injury Disaster Loan is December 18, 2020