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Accessing Funding and Government Assistance 

 

Stony Brook Small Business Development Center 

The Stony Brook College of Business is working closely with the Small Business Development Center to assist the Long Island Community.  Our faculty and SBDC partners will be working to deploy student volunteers to assist the Stony Brook SBDC office.  SBDC business advisors will help companies through the abundance of resources available for various businesses/industries and to avoid the most common mistake of incomplete or inaccurate  Economic Injury Disaster Assistance Loan application.  

 

Other Resources Include:

Small Business Administration (SBA) Coronavirus (COVID-19) Small Business Guidance & Loan Resources 
SBA provides a number of loan resources for small businesses to utilize when operating their business. For more information on loans or how to connect with a lender, visit: https://www.sba.gov/funding-programs/loans.  

  • How to get access to lending partners? SBA has developed Lender Match, a free online referral tool that connects small businesses with participating SBA-approved lenders within 48 hours .
  • Economic Injury Disaster Loan Assistance & Loan Application ( https://www.sba.gov/disaster/apply-for-disaster-loan/index.html
  • SBA Express Bridge Loans:  Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster Loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. Apply here

Funding Resource for Non-profits
This funding is for  nonprofits seeking funding for critical needs at this time and it is open for donation.

Main Street Lending Program 

Federal Reserve's primary small business program, where the Treasury is underwriting loans going directly to small businesses. "Small businesses by next Friday (4/3) can go into banks and get loans designed to cover 8 weeks of payroll and overhead - and won't have to repay them as long as they retain their employees," according to  WSJ Real Time Economics.

US Chambers of Commerce Coronavirus Small Business Guide   

Remote Mentoring
Mentors offer free, personalized assistance to address the current crisis to help you adapt your business. Remote mentoring services are available via phone, email, video and chat. To find a mentor, go to https://www.score.org/find-mentor