Coronavirus (COVID-19) rescue campaign seeks to ensure that Community Small Businesses (CSB) receive the necessary funding in order to survive this unprecedented crisis. The NOLC classifies a CSB as a business with 1 to 10 employees, annual revenues under $800,000.00 and generally serves its customers on a weekly basis. The campaign's primary focus will be on restaurants, restaurant servers, bars, barbershops, hair salons and licensed professionals such as barbers and hairstylists but will stand up for all CSB’s.
The NOLC will be requesting funds in multiple rounds based on the length of the Coronavirus Pandemic. The initial funding round will focus on rescue which will be up to $100,000.00 for each participating Community Small Business and up to $25,000.00 for each participating licensed professional.
Community Small Businesses are historically located in urban underserved census tracts, rural communities and zip codes with high levels of poverty. CSB’s must have a different guideline to qualify for COVID-19 Economic Injury Disaster Loans via the 2020 stimulus. Based on traditional guidelines and practices CSB’s will not receive funding if the guidelines are not adjusted. This non-action would be equivalent to handing down a DEATH SENTENCE to someone that hasn't committed a crime.
CSB’s typically employ the unemployable or provide income opportunities for the homeless and individuals suffering from addictions or mental illnesses. Simply put, allowing one to pick up the trash, sweep the business floor, take out the trash or provide overnight security makes many communities function harmoniously. Additionally, they are the backbones to local youth organizations and community activities.
In the event CBS’s are left behind it will create higher crime rates, increase poverty, civil unrest within these communities and many will bypass recession and suffer the worst depression in America’s history. The bottom line is once America recovers from COVID-19 these businesses will remain closed forever unless we stand up for them now!!!
CSB’s owners normally work 60 to 80 hours per week but lack marketing and management training causing the business too often survive on a weekly basis. Participating CSB’s will be required to keep their staff intact, provide community services where applicable, participate in financial literacy and business development training. The NOLC believes these requirements will provide a solid foundation and enhance the ability to repay the loan.
If you are concerned about losing your business due to the Coronavirus Pandemic and would like to be contacted for assistance with applying for Coronavirus Disaster Loan Assistance; click the link and complete the questionnaire.