MERRIMACK – In an effort to minimize the destructive economic impacts of COVID-19, a state emergency declaration approved by the Small Business Administration is assisting small businesses and nonprofits with more easily accessible loans at a lower interest rate.

Through an online loan application form, a small business may apply for a loan at an interest rate of 3.75%, and nonprofits at 2.75%, for up to a 30-year period. The first $25,000 of a loan is offered immediately without collateral and a four month deferment.

In addition, small businesses and nonprofits do not have to prove they have asked any other lenders prior.

Despite an obvious decline in public activity that usually fuels stability of small businesses, President and CEO of the Greater Merrimack-Souhegan Valley Chamber of Commerce Wendy Hunt expressed how small businesses are coming up with innovative solutions to keep both residents and the economy moving during this time.

“The Greater Merrimack-Souhegan Valley region is resilient, and businesses are getting creative under these stressful times,” Hunt said. “For example, Moulton’s in Amherst is selling pizza-making kits, so families can not only have a meal, but also an activity with their children. (Other) restaurants are getting creative with their menu offerings and pricing to attract more customers.”

Hunt said she is in support of Gov. Chris Sununu’s efforts in the state. In discussion of a conference call with Hunt, Sununu, BEA cCmmissioner Taylor Caswell and various other chamber executives in the state, Hunt emphasized that “something the governor said really resonated” with her on the matter of business closure.

“It was, ‘is the responsible thing to close your business?’ or the ‘is the responsible thing to stay open?’ Sununu said to us. ‘The responsible thing is to evaluate and change your model, change your strategy, change how you do things so you can make your business work.’ In other words, how can you adapt your business at this time?” Hunt explained.

The Merrimack-Souhegan Chamber’s office remains open to serve members, community and as a conduit to spreading information about COVID-19 resources available on a state and federal level.

“We are also sending out a daily update as to which restaurants are open for take out (and, or) delivery and which of our shops and other businesses are open,” Hunt said. “We are including member and non-member businesses in the 12 towns of our Chamber’s footprint and blasting it out to our email database and on a multitude of community Facebook groups within our region.”

In an effort to minimize the spread of COVID-19, the Chamber has canceled all networking and educational events, and will be rescheduling a “major fundraiser,” according to Hunt.

“Many nonprofits are finding themselves in the same position of having to cancel their fundraising events as well. It will definitely impact all of our operating budgets for the foreseeable months ahead, but my hope is that the community will continue to support the events when they are rescheduled.” Hunt said.

No one can predict the future, leaving the impact of COVID-19 in the small business community at large. On a lighter note, Hunt expressed, “…it is encouraging to see the businesses come together as a community and support one another. On the other side of when this pandemic is over, Chambers are in an ideal situation to link government, nonprofits and businesses and more toward recovery. Chambers are going to play a strong role in communicating that our communities are open for business. ”

For more information, visit the Greater Merrimack-Souhegan Valley Chamber of Commerce’s website at https://www.gmsvcc.org.

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