The federal CARES Act created a dizzying array of funding options for businesses as they weather Covid-19, and Northspan jumped in to help them navigate to the best solutions. Our work over the summer involved significant support activity for local partners, including administration of local grant programs and assisting financial institutions with the Paycheck Protection Program (PPP) that gave so many businesses a lifeline as they endured pandemic-driven shutdowns.
A program long familiar to Northspan also gave businesses valuable Covid-era benefits as well: the Small Business Administration (SBA) 7(a) loan program. SBA stepped up and paid the first six months of principal and interest on new 7(a) loans closed between the passage of the CARES Act and September 27, and Northspan helped five businesses meet that deadline. These businesses secured over $5.7 million in funding from SBA, retaining 283 jobs and helping communities across the Upper Midwest, including Hibbing, Monticello, and Wadena in Minnesota and Superior in Wisconsin.
In addition, the SBA offered Express Bridge Loans to businesses with existing relationships with SBA Express Lenders. Northspan completed 13 SBA Express loans with a total investment of $3.25 million for longtime partner Wadena State Bank. This rapid relief funding helped give businesses immediate assistance, and Northspan diligently worked with SBA reviewers to get them the information they needed amid the busiest summer of work the SBA has ever had. Northspan is proud of the partnerships it has built and continues to serve as a bridge between our community partners and the SBA.
Contact Amanda Vuicich at avuicich@northspan.org for more information on Northspan’s SBA services.