Five Communities Join Together to Provide Forgivable Loans for Small Businesses that will help support micro-businesses impacted by the COVID-19 pandemic.
Acton Town Manager John Mangiaratti, Boxborough Town Administrator Ryan Ferarra, Littleton Town Administrator Anthony Ansaldi, Maynard Town Administrator Gregory Johnson and Westford Town Manager Jodi Ross are pleased to announce a new partnership between the five communities and TRI, The Resource, Inc. that will help support micro-businesses impacted by the COVID-19 pandemic.
The Town of Action was awarded $1.6 million in Community Development Block Grant - Coronavirus Funding for a Micro-enterprise Forgivable Loan Program. This program will provide eligible businesses a one-time grant of up to $10,000 to help cover costs such as rent, staffing and utilities. This grant will be for small businesses with five or fewer employees (including any owners), whose owner or owners meet low to moderate household income qualification as designated by United States Department of Housing and Urban Development (HUD) in all five towns.
“We are grateful to be able to use this $1.6M in CARES CDBG-CV funding to help micro-businesses in our five communities that have been impacted financially by the COVID-19 pandemic along with two other programs targeting social service providers, which will be announced in early February," Acton Town Manager Mangiaratti said. "These businesses have been significantly impacted by the pandemic over the last year, and this funding, which can be used for expenses not covered by other funding programs, will hopefully go a long way in helping our local businesses through this challenging time."
“The Town of Westford is pleased to announce this program for grants of up to $10,000 for eligible microenterprise businesses and look forward to helping these businesses continue to operate during these unprecedented times," Westford Town Manager Ross said. "These businesses are part of our community, and are vital to retaining our uniqueness.”
The funding, which was provided to the state from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, was made available for communities to apply for to help start up these programs at the local level. The Town of Acton will serve as the lead for the program.
“I’m proud to be a part of the regional collaboration,” Maynard Town Administrator Johnson said, “that’s offering these opportunities of relief to micro-businesses during these difficult times for the community.”
“Littleton is excited to join our neighboring communities in supporting local businesses that have been greatly impacted by COVID-19," Town Administrator Ansaldi said. "The pandemic has brought into focus the importance of our local businesses, the role they play in our community, and how they help define our Town’s character.”
“The Town of Boxborough enthusiastically joins our four partner communities in providing support to our residents, businesses and local service agencies impacted by the COVID-19 pandemic," Boxborough Town Administrator Ryan Ferrara said. "Our community appreciates the opportunity provided through CARES ACT Community Development Block Grant to assist our neighbors in need.”
For more information and to see if your business qualifies, visit www.trimicroeloans.org and choose the Acton Boxborough tab for the easy step by step pre-application questionnaire. Once submitted you will receive an email with further instructions. Pre-applications are reviewed on a first come, first served basis.
Those with question may contact TRI at email@example.com for more information.