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Merrimack Valley Small Business Technical Assistance Services (SBTAS) Program

These programs are funded through Essex County Community Foundation as the fiduciary of the Innovation and Resiliency Fund of Merrimack Valley

The Merrimack Valley SBTAS Program is designed to address the current circumstances of businesses located in Andover, North Andover and Lawrence, meet the businesses where they are, and provide them with individual solutions and peer support to address their economic needs as a result of COVID-19. Participating business have (2) two program components to choose from:

What are the two Small Business Programs offered?

  1. Small Business Technical Assistance Service and Peer Support Program

    This Program will provide 20 small businesses with up to 20 hours of immediate, self- selected, personalized consulting services and extended peer group advisory support.  Eligible businesses can be in any industry sector, must have fewer than 15 employees and revenues of $40,000 and above. Business owner participation can run from 3 to 6 months starting in November 2020.

  2. Latino Business Recovery Program

    Amplify Latinx, in collaboration with the Enterprise Center at Salem State University as program administrator, and Surfside Capital Advisors, as technical assistance provider, will launch the Latino Business Recovery Program.  This is a pilot Spanish and English language business recovery and capital readiness program (the Program) for 10-12 Latinx main streets -businesses, such as restaurants, retailers, bodegas, barber shops that have between $100,000 – $750,000+ in annual revenues and need support with pivoting and digital transformation to sustain the business.

What are the eligibility requirements for each Small Business Program?

1. Small Business Technical Assistance and Peer Support Program

Eligibility: The business can be from any industry sector and must:

  • Have its primary location in Andover, North Andover or Lawrence, MA;
  • Be owned by one or more individuals that are at least eighteen (18) years of age;
  • Have fewer than 15 employees;
  • Have Revenues of $40,000 and above;
  • Be willing to commit to a minimum of 2 months of participation

2. Latino Business Recovery Program

Eligibility: The business must:

  • Be a Latinx business with its primary location in Andover, North Andover or Lawrence, MA;
  • Be owned by one or more individuals that are at least eighteen (18) years of age;
  • Have $100,000 – $750,000+ in annual revenue with growth potential and need support with pivoting and digital transformation to sustain the business.
  • Be able to produce and provide financial statements to assess the overall financial situation of the business. The confidentiality of this information will be respected and safeguarded.
  • Be willing and committed to spend 13 hours, over a 6-month period, working with Surfside Capital Advisors.

CLICK HERE FOR ONLINE APPLICATION
CLICK HERE FOR PROGRAM DESCRIPTION

These programs are funded through Essex County Community Foundation as the fiduciary of the Innovation and Resiliency Fund of Merrimack Valley

In Massachusetts, Latino businesses and their employees are in jeopardy as a result of the COVID-19 health and economic crisis. According to a survey conducted by the MA Small Biz COVID Response Coalition in April 2020, 39% of 493 surveyed businesses in MA expect to see over 75% to nearly 100% loss of sales and revenue over the next 3 months.  Forced closures and loss of business were reported as the greatest impact felt. 45% (214) of businesses have been forced to enact employee layoffs.  And over 42% (203) of businesses are relying on their personal savings to see them through the impact of the coronavirus.  Beyond financial assistance, businesses need and are anticipating a need for a myriad of logistical resources related to operational business capabilities, including marketing and communications.

It is estimated that over 91% of Latino and 95% of Black owned businesses across the US did not access the PPP (Paycheck Protection Program) loans according to the Center for Responsible Lending. 12% of Black and Latino business owners who applied for PPP loans reported receiving what they asked for, according to a survey by Global Strategy Group, and nearly half of these individuals say they anticipate being forced to close permanently in the near future.

Overview of Program Partners

The Enterprise Center at Salem State University (Enterprise Center) is a leader in helping businesses start and grow in this region and an advocate for the small business community.  All business owners and those seeking to start a business have access to the Enterprise Center’s professional growth and business development programs, initiatives, and individual business assistance.

Amplify Latinx is a non-partisan, collaborative movement whose mission is to build Latinx economic and political power by significantly increasing Latinx civic engagement, economic opportunity and representation in leadership positions across sectors. Amplify Latinx’s PowerUp initiative is focused on increasing growth and economic opportunity for Latinx-owned businesses in MA.

Surfside Capital Advisors LLC is boutique business management consulting firm that helps clients from small to mid-size companies make smart decisions that are critical to their business growth and development.

 

These programs are funded through Essex County Community Foundation as the fiduciary of the Innovation and Resiliency Fund of Merrimack Valley