This short article was written by Tara Palacios, Director of BizLaunch, and Alex Held, Little Small business Manager, at Arlington Economic Progress.

BizLaunch is pleased to formally announce its hottest initiative to aid small corporations in the course of the overall health pandemic, ReLaunch, which kicks off this thirty day period with a webinar on Jan. 27. As element of the ReLaunch attempts, community enterprises will have the prospect to apply for a complimentary suite of organization providers and technologies aid to assistance their small business in the impending months.

If you’d like to be sent a notification about the future initiative or to learn extra about what’s happening in the tiny business neighborhood in Arlington, please signal up for our BizLaunch newsletter. We hope you utilize!

Paycheck Safety System Update

On Monday Jan. 11, the U.S. Tiny Small business Administration (SBA) reopened its Paycheck Security System (PPP) for new PPP debtors. Commencing right now, small firms that have obtained PPP funding previously are capable to utilize for further PPP funding accessing what is identified as a Second Draw PPP Bank loan.

In order to boost entry to capital, only community fiscal establishments are in a position to make Very first Draw and Second Draw PPP financial loans this week. Local community economic institutions include things like Local community Growth Economical Establishments (CDFIs), Minority Depository Institutions (MDIs), Qualified Improvement Businesses (CDCs) and Microloan Intermediaries. To help borrowers put together, sample apps for both equally the Very first Attract and Second Attract PPP loans are readily available on the SBA’s website.

In Arlington, two of our CDFI companions, Latino Financial Growth Center and ECDC Company Enhancement Group, are equally taking part in the program, and organizations that do not at this time have a connection with a 7(a) loan provider are equipped to apply. Soon thereafter, the application will open up to all taking part PPP loan providers, and all suitable enterprises will be capable to use for the program. Firms must seek advice from with their monetary establishment, and stop by the SBA’s site to study much more about the Paycheck Security Software in get to just take edge of this source.

For more details about funds means obtainable by means of the SBA, stop by its site and keep up to date with us by signing up for our electronic mail.