COVID-19 Impact Investing Small Business Loan Application

COVID-19 Impact Investment Small Business Loan

Midland Area Community Foundation (MACF) and the Midland Business Alliance (MBA) are working collaboratively to meet community needs in these difficult times by providing 0% loans for up to 1 year for local small businesses. Please see the application below for details of the program.
Additional Information

The loans are intended for small businesses that have been, or are currently being impacted by State Executive Orders 2020-9 or 2020-21, and need short-term funding to support overhead costs in a time of reduced revenue. Initial loan requests will be considered in amounts up to $5,000. We will continue to evaluate funding opportunities as additional needs arise within our community. We encourage businesses to seek out Federal and State loan/grant sources as they become available.
Eligibility Criteria
-Business must have 50 employees or fewer.

-Business must be located in Midland County.

-Business operations have been impacted by EO 2020-9, or EO 2020-21.

-Business must be considered "for-profit."
Preliminary Loan Terms
-The loans will be a 1 year term, with the principal due at maturity.

-In the event the business can still demonstrate need after one year, the loan maturity date may be altered to accomodate that need.

-Loans will be made at 0% interest.
Application
Legal name of organization applying (identical to name on IRS Tax Return)
Common organization name (if different from legal name)
Employment Identification Number
Core Purpose of the Business
Organization information

Street Address

Street Address Line 2

CityState / Province

Postal / Zip Code
Contact person for request

First NameLast Name
Email of contact person
example@example.com
Phone number of contact person

Area CodePhone Number
Number of full time employees prior to EO 2020-9
Number of part time employees prior to EO 2020-9
Number of full time employees after to EO 2020-9 (current # of full time employees)
Number of part time employees after the EO 2020-9 (current # of part time employees)
Loan amount requested (based on attached operational budget indicating need) $5,000 maximum.
Describe the businesses current plan to sustain operations during the COVID-19 pandemic.
Does your organization currently have debt outstanding? If so, have you made arrangements for deferral of payments during the course of the pandemic?
Does your organization intend on applying for Federal or State agency supported loans or grants that are currently, or are expected to be available? If so, please list where your organization has, or intends to apply for assistance.
Please attach a basic operational budget to support the amount of the loan request

Browse Files

Cancelof
Attach previous years financial statement(s), including balance sheet and income statements, in order to determine solvency prior to EO 2020-9

Browse Files

Cancelof
If your loan request is approved, payment preference to your organization will be via ACH bank transfer. If this is not a possibility, we will work with your organization to arrange another form of payment.
Please indicate whether or not your organization is able to utilize an ACH fund transfer

YesNo
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COVID-19 Impact Investment Small Business Loan

Additional Information

Eligibility Criteria

Preliminary Loan Terms

Application