📢📢📢 Resources for #FemaleFounders in Massachusetts
All the female entrepreneurs in the state of Massachusetts are STRONG and SMART and will do what is necessary to make it through this tough time. I wanted to be sure to pass on some key resources for #FemaleFounders to be able to know what is available to them right now. It is my hope that I will be able to keep this list up to date as more details become available.
CARES Act
Details still emerging but contain significant provisions for small businesses such as payment and loans for self-employed business owners. It is not clear to me if this is a resource that can be used by VC-backed companies as the provisions are not clear so be sure to ask around.
HR / Employee Management
- Frequently Asked Questions About COVID-19: Employee Rights and Employer Obligations from the State of Massachusetts.
- The WorkShare program can help divide available work between affected employees instead of laying off workers.
- If some employees will be terminated, ensure that selection is based on nondiscriminatory reasons. See guidance from the US Equal Employment Opportunity Commission.
Capital / Financial Resources
When it comes to capital options there are a couple of ways you can approach this. As there will be federal and state loans available but there are some crowdfunding opportunities as well that might be helpful.
- SBA Economic Injury Disaster Loan (EIDL) program The federal government is offering designated states “Economic Injury Disaster Loans” to provide small businesses and nonprofits with working capital loans of up to $2 million to help meet financial obligations and operating expenses until normal operations resume. Interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible.
- State of Massachusetts Small Business COVID-19 Recovery Loan Fund provides emergency capital up to $75,000 to MA-based businesses impacted by COVID-19 with under 50 full-time employees, including non-profits. No payments due for the first 6 months.
- Ifundwomen.com has kicked off a Bootcamp to help female founders raise the capital needed at this time.
- Kiva — crowd funded 0% interest loan. During this outbreak, offering crowd-funded loans up to 10–15k.
- Facebook Small Business Grants Program — $100M to be distributed in the coming weeks. Sign up for updates.
- Intuit The Small Business Relief Initiative. QuickBooks is committing up to $1 million through a fund and employee-directed contributions while also seeking donations from other large partners. Create a free GoFundMe account to participate.
- Eastern Bank customers can access two new loan funds:
The Consumer Impact Loan Fund ($2 million) will provide loans of up to $5,000 @ 0% with no payments for the first three months, fixed rate of 3.99% thereafter.
The Small Business Impact Loan Fund ($5 million) will provide loans of up to $25,000 to existing small business customers in need of working capital.
Have additional resources or questions do not hesitate to contact us. Keep up with us as we create the largest community for #femalefounders in Massachusetts.
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