On March 30, the Board of Directors of Barberton Community Foundation held an emergency meeting to discuss the impact of COVID-19 on Barberton and the role of the Foundation.
In response to the pressure COVID-19 has placed on our community’s small businesses, the Foundation board voted to create the Barberton Small Business Emergency Loan Fund, in partnership with the Barberton Community Development Corporation (BCDC) and the City of Barberton.
The fund will be administered by BCDC and will be available to Barberton small businesses who have been adversely affected by the COVID-19 pandemic.The Barberton Small Business Emergency Loan Fund will provide $200,000 to loan to small businesses. BCDC will oversee this fund, which will provide a maximum loan amount will be $10,000 per business. Loans will be offered at 0% interest and will provide short-term (1-3 year) payment terms. Additionally, payments will be deferred for 60 days.
To be eligible, a small business must be a for-profit enterprise with its principal place of business located in the city of Barberton. The business must employ a minimum of three and a maximum of twenty-five individuals for at least twenty hours per week. Businesses must demonstrate a financial need and desire to continue operations by first applying for a U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan specifically related to the COVID-19 pandemic and/or another SBA loan program established to support small businesses in response to the COVID-19 pandemic. Additional guidelines are available. Additionally, the business must not be in receivership or bankruptcy and cannot primarily sell tobacco products. The loan proceeds also cannot be used for vehicle or equipment lease or rental payments for personal property acquired on or prior to March 15.
Barberton small businesses can apply for this Emergency Loan Fund, along with SBA loans and the new Summit County Small Business Emergency Relief Grant Program to help provide continued working capital during the pandemic. For more information on this program, please contact Scott Wagner, Executive Director of Barberton Community Development Corporation (scottwagner@BCDC.org) or Brett Fogle, Director of Finance of the Barberton Community Foundation (email@example.com).
Additionally, during the emergency meeting the Foundation board voted to approve funding of an additional $50,000 from the Foundation’s Reserve Fund to the Foundation’s new Emergency Response Fund that was created in response to the COVID-19 pandemic. This Fund was created to provide financial assistance to nonprofits responding to the broader social impact of COVID-19 in Barberton. To date, this fund has distributed over $11,000 to nonprofits working in our community thanks to the donations of private individuals and organizations.
Anyone wishing to donate to the Emergency Response Fund should visit the Foundation’s website at www.barbertoncf.org or call 330-745-5995. To donate directly online follow this link: https://secure.qgiv.com/for/bcf/restriction/EmergencyResponseFund
If you are a nonprofit organization working to provide emergency food to insecure families, working in community health, or are providing additional services needed to alleviate hardships suffered by Barberton residents please contact Suzanne Allen, Executive Director (firstname.lastname@example.org) or Carrie Herman, Director of Community Impact (email@example.com).