Working in conjunction with the City of Fall River and the Fall River Community Development Agency, the Bristol County Economic Development Consultants (BCEDC) is launching a new loan/grant program called the Small Business Stabilization Fund designed to assist Fall River businesses impacted by COVID-19.
The program starts off as a loan but converts into a 50% grant as long as the business can create or retain a minimum of two jobs for low and moderate income people within the first three years. According to BCEDC, businesses can borrow up to $50,000 dollars, for 6 years with a 1% interest only rate for the first three years. After three years 50%, of the loan converts into a grant and the remaining loan balance continues on for three years at 3% interest.
BC EDC Executive Vice President Kenneth Fiola, Jr. stated that “COVID19 has impacted all areas of people’s lives around the world. We want to do our part and provide a unique loan/grant program designed to get businesses back on their feet.” BC EDC President Frank Marchione stated that “Every business in Fall River that is able to create and/or retain jobs, should look into securing this type of financing as it gives the businesses the flexibility they need to meet the challenges imposed upon them by Covid 19.”
If you are interested in the program, call BCEDC at 508-324-2620 or visit their website at bristolcountyedc.com.