Black Business Relief Program

THE FUTURES FUND

The Black Economic Council of Massachusetts (BECMA) enhances the economic well being of Black businesses, organizations that serve the Black community, and Black residents of the Commonwealth by advocating for economically progressive policies, convening stakeholders in solutions-based dialogues, and connecting its members to important opportunities and one another. 

COVID-19 presents an unprecedented threat to the survival of small businesses in Massachusetts, the impact of which is compounded for Black-owned businesses that continue to experience longstanding and historic racial discrimination. The survival of these businesses is key to the longterm economic health of the Commonwealth. Over 1,200 Black-owned firms employ 13,000 Massachusetts residents. The COVID-19 pandemic threatens the stability of these businesses and thus throws the Black community into financial disarray.

 

To offer relief for small businesses that are already feeling significant pressure due to the COVID-19 pandemic, BECMA, in partnership with the Massachusetts LGBT Chamber of Commerce and powered by Berkshire Bank, is announcing The Futures Fund to help stabilize existing Black-owned businesses across the Commonwealth. This resource can be used in conjunction with SBA products.

 

  • Fund Details

  1. Line of credit for up to $50,000

  2. No payments for 3 months with the option for a 3-month extension

  3. 3% interest

  • Eligibility Requirements​*

  1. 600 credit score

  2. Annual revenue of $500k/year

  3. 1 year of past financials

  4. 1 year of projected financials

  5. Tax and credit history 

  6. A sound plan for getting through the COVID-19 crisis

  7. Business assets (no personal assets)

  8. Ability to explain your profitability

  9. Sound meeting with your referral partner

* We encourage those who may not meet all eligibility requirements to reach out regardless. We will work with you to access other resources to stabilize your business.

Additional Resources 

In addition to monetary support, recipients will be partnered with technical assistance providers and Berkshire Bank staff (MY Bankers) who will offer their services to help advise and consult these businesses. With sufficient support structures in place, this temporary standstill affords hard-working business owners the unique opportunity to dedicate time to further develop their business. By offering business owners access to comprehensive professional support services, they can emerge from the COVID-19 crisis stronger than ever and ready to represent themselves effectively in the marketplace. 

If your business meets the criteria listed above, please reach out to info@becma.org to discuss next steps.

© 2020 Black Economic Council of Massachusetts, Inc.

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