RESOURCES FOR THE LOCAL BUSINESS COMMUNITY
Updated March 25, 2020
Most recent resources:
- COVID-19 WORKING CAPITAL ACCESS PROGRAM (CWCA) through the Chester County Economic Development Council
- GOFUNDME – The Small Business Relief Initiative and Fund FAQs
The Historic Kennett Square Office of Economic Development is closely monitoring the situation in regards to current and future resources available for small businesses. We are also participating in conference calls and correspondence with various levels of government to keep up-to-date on programs and best understand how to proceed.
Listed below are resources and the current information available. We will update this periodically and also share updates on social media. If you have any questions, or would like to discuss any of these items in more detail, please contact the HKS Economic Development Director at firstname.lastname@example.org or 610-742-5506.
Chester County Business Impact Assessment
The Chester County Economic Development Council, the Chester County government, and the Chester County Chamber of Business & Industry are conducting this survey to assess the impacts of Coronavirus (COVID-19) on local business. This is an important first step in helping our elected officials understand how best to respond to the crisis. Please make your voice heard by participating. https://www.surveymonkey.com/r/chesoimpactfb
SBA Loans and Financial Resources
The Small Business Administration (SBA) has made an Economic Injury Declaration for the state, which now makes SBA Economic Injury Disaster Loans (EIDL) available for area businesses. For more information and to apply, click the following link: https://www.sba.gov/funding-programs/disaster-assistance
A program from the state of Pennsylvania may also be coming soon. This program will likely involve loans of up to $100,000 and will be available to small businesses to use as working capital. Interest rates are being dropped from approximately 3 percent to 0 percent. Detailed guidelines for the program are still being developed at this time. More information via the following article. https://www.pennlive.com/news/2020/03/coronavirus-in-pa-resources-for-small-businesses-from-disaster-assistance-to-workplace-recommendations.html
Additional loans and grant programs may also become available in the future. We will monitor this situation and provide updates when available.
Supporting Existing Businesses
In the interim, our small businesses are struggling with cash flow challenges and they need your support. We have created webpage that lists Kennett businesses offering online gift cards for purchase, or restaurants offering take-out service. Please consider supporting our local businesses via online purchases during this difficult time. You can find a list of participating businesses via this link: https://historickennettsquare.com/supporting-our-local-business-community/
Additional helpful links provided below:
Main Street America – https://www.mainstreet.org/howwecanhelp/resourcecenter/covid19resources
Pennsylvania Downtown Center–
US Chamber of Commerce – https://www.uschamber.com/coronavirus?es_p=11251762