Avidia Bank has a number of initiatives, in association with SBA and of its own, to bring relief to our customers and businesses in our market area who have been impacted by the ongoing COVID-19/Coronavirus outbreak.
Paycheck Protection Program (PPP)
The PPP offers forgivable loans worth up to $10 million to help companies survive the COVID-19-induced recession by providing them with funding to pay employees and help with some operating costs. For more information about PPP and to apply, visit https://www.avidiabank.com/paycheck-protection-program
Working Capital Relief Loan
The Working Capital Relief Loan provides a low cost and flexible working capital option to help businesses weather this unexpected and unprecedented storm. For details and to apply, visit https://www.avidiabank.com/working-capital-relief-loan
Main Street Lending Program
The Federal Reserve designed the Main Street Lending Program to provide support to small and medium sized businesses that were unable to access the PPP or that require additional financial support after receiving a PPP loan. Main Street loans are not forgivable. For more information about this program , please submit your information here. We will contact you just as soon as we can.
|Working Capital Relief Loan
Avidia Program not associated with SBA or other government guarantee program
|Main Street Lending Program
Federal Reserve Program
|Use of Funds||Payroll costs, rent, utilities, and mortgage obligations||
Working capital expenses only, including rent/mortgage, payroll, inventory, utilities, or other working capital needs.
May not be used to refinance existing debt.
|Working capital expenses only, including rent/mortgage, payroll, inventory, utilities, or other working capital needs.|
|Forgivable?||Yes, provided that proceeds are used for eligible expenses and not more than 25% of proceeds funds non-payroll costs.*||No||No|
|Interest Rate||1.00% Fixed||1.95% Fixed for first 12 months, then 4.95% for remaining 4 years||Pending additional information|
|Term||(2) Two years, unless forgiven. May be prepaid at any time. Must be at least the term of the advance, but can be longer.||(5) Five years, Interest only payments for the first 12 months**, then principal and interest payments for the remaining 4 years.||(4) years, principal and interest payments deferred for one year|
|Collateral||None||All Business Assets||Subject to underwriting guidelines and program parameters|
|Fees||Not applicable||Up to 3% of principal balance plus processing fees (may be deducted from loan proceeds)||Pending additional information|
*Final guidance for PPP Loan Forgiveness is not yet available
** The amount corresponding to 12 months of interest payments will be retained by the Bank and cover the amount of interest due on the loan for the first 12 months resulting in no further payment due from the borrower for this period.