BOCNet is closely monitoring the evolving coronavirus (COVID-19) situation and are available to support small businesses that have been impacted. BOC Capital Corp. is a non-profit small business financial institution and has not received formal authorization from the SBA to process Paycheck Protection Program (PPP) loans at this time. We encourage all businesses to check with their current banking relationship to see if that bank will accept their PPP application. This will allow for a quicker and more efficient application process.
We are available to work with you in accessing resources for your business and help identify a lender if your bank is not available.
Economic Injury Disaster Loans (EIDL) and EIDL Grant/Advance
The SBA's Economic Injury Disaster Loan (EIDL) Program provides small businesses (500 employees or less) and nonprofits with low-interest loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing due to COVID-19.
EIDL interest rates are 3.75% for small businesses and 2.75% for not-for-profits.
As part of the COVID-19 relief effort, borrowers can also apply for an Emergency EIDL Grant from the SBA to request an advance on the loan of up to $10,000. SBA will determine the amount of grant based on the information provided by the borrower.
- SBA must distribute the Emergency EIDL within three days of the request.
- The advance will be considered an Emergency EIDL grant.
- The borrower will not be required to pay back the Emergency EIDL Grant even if they are subsequently denied for an EIDL loan.
- In advance of disbursing the advance payment, the SBA will require that the borrower file a certification, under penalty of perjury, that they are eligible to apply for an EIDL loan.
- The Emergency EIDL Grants will end on December 30, 2020.
Paycheck Protection Program (PPP)
The Paycheck Protection Program (PPP) provides $349 billion in loans to small business, nonprofits, sole proprietors and other eligible entities with fewer than 500 employees. Loans of up to $10 million can be obtained to cover certain business costs including employee payroll, rent, insurance, paid sick or medical leave, interest on mortgage obligations and utilities.
- PPP loans cover costs incurred February 15, 2020 - June 30, 2020
- Up to 8 weeks of eligible expenses may be forgiven
- Loan repayments will be deferred for 6 months
- The Paycheck Protection Program will be available through June 30, 2020.
Beebe Okoye,
Kiva Caf
"After being laid-off last summer, I walked into a Business Outreach Center with only a rough draft of a business plan. BOC coached me on how to improve my business plan and effectively present it to lenders and private investors. We researched and brainstormed until we achieved success. We are really grateful to BOC for its outstanding service, dedication, and on-going support."
Tonya Hairston,
Angelheart Day Care
"I had less than
three
children when
I started
the BOC training, now
my group is full. So I
believe that learning
how to market my
business and how to
convey my image of
quality childcare made
all the difference in
why I'm so successful."
Adam Williams,
Mailboxes of Park Slope
"Becoming a business owner has been my dream since my first year in college. Now, 12 years later, that dream has come true. I thank BOC for the guidance and hands- on approach, and for linking me up with all the professional assis- tance and financing that I needed to get to ownership."
Jampa Youden,
Jamtse Tibetan Inc.
BOC Network helped me obtain a loan to expand my business. With the loan, I was able to purchase more merchandise from Nepal and more display cases for my gift shop. I was also able to open a business checking account and obtain a business phone line. Now, I am able to earn more money to support my family and myself, and I have BOC's support and help to thank for it.
