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Small Business Resources

A compilation of local and national resources for small businesses in our community.

We're committed to helping small business owners in Massachusetts and Rhode Island succeed, especially in light of the impact COVID-19 has had on area businesses. Please find links below to resources aimed at helping our small business customers during this challenging time. Check back frequently for updates to this small business resource list.
 
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Coronavirus Relief for Small Businesses
 
  • Paycheck Protection Program
    Our Paycheck Protection Program page includes information regarding the process for seeking loan forgiveness on an existing PPP loan. On 12/21/20, lawmakers passed a bill that includes $284 billion in new funds for the Paycheck Protection Program. BankFive will participate in the next round of PPP funding. More information regarding applying for a PPP loan with BankFive during this new round of funding will be coming soon.
    https://www.bankfive.com/PPP
 
  • Back to Business Loan
    BankFive's Back to Business Loan is aimed at helping Massachusetts and Rhode Island businesses adjust to this "new normal" we find ourselves in. Whether you need financing to help reopen your business or to implement changes to better serve your customers in light of COVID-19, we are here to help in any way we can.
    https://www.bankfive.com/BackToBusiness
 
  • Relief for businesses who currently have an SBA loan
    On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was passed to help support businesses and families through the on-going novel coronavirus (COVID-19) pandemic. One of the provisions of the bill pertains to companies who have a Small Business Administration (SBA) guaranteed loan. Specifically, SBA borrowers who are current on their loan payments are relieved of any obligation to pay the principal, interest and any associated fees for a 6-month period beginning with the first payment due on a loan after March 27, 2020.
    https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief
 
  • SBA Economic Injury Disaster Loan (EIDL) Program
    The EIDL program can provide assistance to eligible businesses and non-profits impacted by COVID-19.
    https://disasterloan.sba.gov/ela
 
  • Facebook Small Business Grants Program
    With many businesses experiencing disruptions resulting from the global outbreak of COVID-19, Facebook is offering $100M in cash grants and ad credits to help during this challenging time.
    https://www.facebook.com/business/boost/grants
   
  • New Bedford Economic Development Council Micro-Loan
    The New Bedford Economic Development Council has a portfolio of lending products to assist your business needs. Financing programs include but are not limited to: Entrepreneurial Loan Fund, Fishing Assistance Loan Fund, and a Community Loan Fund.
    http://www.nbedc.org/loan-programs
       
  • U.S. Chamber of Commerce - Combating the Coronavirus
    Information from the U.S. Chamber of Commerce on Coronavirus (COVID-19), including resources and guidelines for businesses, business response updates, and details on economic impact in the U.S. and around the world.
    https://www.uschamber.com/coronavirus
   
  • SCORE Guidance for Small Businesses During the Coronavirus Outbreak
    Small businesses are a vital part of the U.S. economy. With the recent news and concerns of the novel coronavirus (COVID-19), SCORE is sharing the latest business resources, assistance and guidance.
    https://www.score.org/content/small-business-disaster-preparedness-resources
     
  • IRS Coronavirus Tax Relief Updates
    The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus.
    https://www.irs.gov/coronavirus

Small Business Resources - Tips & News
 
Business Banking Resources
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