PRESS RELEASE, CONTACT: Jim Leydon, Communications Director
City Announces New Loan Program for Disaster Affected Businesses
December 15, 2014 -Springfield, MA- The City of Springfield has announced a new low interest loan program, funded by CDBG-Disaster Recovery funds, to assist businesses that were affected by the 2011 tornado.
The city has partnered with the non-profit business assistance organization Common Capital to manage a $500,000 loan fund for businesses that suffered losses from the June 2011 tornado as well as from the October snowstorm that slammed the city later that year.
“Our business community in Springfield has been incredibly resilient and committed to rebuilding,” said Mayor Domenic J. Sarno. “We’re pleased to be able to deliver a fund to those directly affected by these events that will serve as another tool to help them stabilize and continue to grow.”
The Springfield Small Business Disaster Relief program is funded by the U.S. Department of Housing and Urban Development for the business community. Businesses can seek low-interest loans for up $200,000 to address issues related to structural damage and loss of revenue. Interest rates are expected to be at 2% fixed with terms as long as 10 years.
Common Capital is a 25-year-old non-profit dedicated to providing financing and business consulting assistance to small- and mid-size businesses and community projects.
Chris Sikes, CEO of Common Capital, commended the city for seeking the funds, adding, “We’re anxious to start working with business people on these loans, from the financing aspect to providing consulting services, to help them restore and strengthen their businesses.”
The Springfield Small Business Disaster Relief loan fund begins immediately. For more information about the Fund call Roberto Nieves, Director of Business Development at Common Capital, at (413) 420-0183 x 103.