Revealed: 5/31/2020 11:25:35 AM
Modified: 5/31/2020 11:25:34 AM
ATHOL — The steering committee of Make investments North Quabbin met final Thursday morning to debate the distribution of loans being made obtainable from the fund to companies and households hit exhausting by the cononavirus pandemic. The committee additionally oversees loans of between $500 and $2,500 being made with cash put aside from the North Quabbin Revolving loan Fund for companies attempting to bounce again from the three-month shutdown.
Along with contemplating loans, the committee is urging and accepting donations from members of the group who’re prepared to assist their neighbors.
“We really want to support people on the business side who have under 10 employees,” committee chair Rebecca Bialecki stated of the INQ loans, “So, they’re really micro-businesses. And we want to directly impact folks who are really affected by COVID, not the folks who are making out better on unemployment, not the folks the folks who get a stimulus check so they can go buy a flat-screen TV at Walmart. These are folks who have really lost revenue because their businesses had to close, or lost their jobs and haven’t found a way to make up for that. Those are the folks who are really our target.”
Bialecki then defined that the Athol Selectboard, of which she can also be chair, leveraged the North Quabbin Revolving loan Fund “to be able to set aside $25,000 in order to have some microloans for from $500 to $2,500 a piece for small business to be able to access loans with an acceptable interest rate.” The loans could possibly be repaid over a time-frame that’s “more palatable” to the borrower.
Heather Bialecki-Canning, Govt Director of the North Quabbin Neighborhood Coalition (NQCC) and a steering committee member, stated she had acquired inquiries from at the least one celebration fascinated with contributing to the loan program, however who additionally expressed reservations.
“He had some really specific questions about timelines,” she stated. “His fear was, are we collecting money and sitting on it? I assured him that as soon as we get applications, we’re going to set up a process to review them pretty regularly. I think if we had some clearer expectation of what our timeline looks like, that might help alleviate any fears.”
Rebecca Bialecki responded, stating the top date for attempting to boost cash for this system is the top of July.
“I think between now and then, she said, “that’s when we’re really going to see the biggest need. If we have to, we can always extend it. Trying to raise money through the end of July doesn’t mean we have to shut off the payments at that time. Through August and the end of September, we’ll probably still be needing to get it out. That would certainly allow all the businesses to be back and functioning in some way.”
There may be little doubt that companies within the nine-town area will need assistance getting again on their toes. Melissa Eaton, steering committee member and govt director of the North Quabbin Chamber of Commerce, stated she knew of a couple of half-dozen companies that closed their doorways in March and won’t be re-opening.
These fascinated with both loan program can contact the Chamber or the NQCC. Funds are being administered by the Athol Credit score Union.