The SBA established this alternative program to assist small businesses affected by the pandemic. Borrowers apply for this loan through Martha's Vineyard Bank, an approved SBA Express lender. Please contact a loan officer if you are interested in this loan.
Must have an existing banking relationship with Martha's Vineyard Bank
Loan amounts up to $25,000
Collateral is not required
Repayment up to 7 years (lines of credit are not being offered)
Funds to be used for payroll and short term cash needs
Will need to demonstrate year-over-year change in revenues / lost income (at least one month)