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.
For information regarding the PPP Loan Forgiveness process, please visit our PPP Loan Forgiveness page.
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
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.
|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.|
|Forgivable?||Yes, provided that proceeds are used for eligible expenses and not more than 25% of proceeds funds non-payroll costs.*||No|
|Interest Rate||1.00% Fixed||Pending additional information|
|Term||(5) Five years, unless forgiven. May be prepaid at any time. Must be at least the term of the advance, but can be longer.||(4) years, principal and interest payments deferred for one year|
|Collateral||None||Subject to underwriting guidelines and program parameters|
|Fees||Not applicable||Pending additional information|
*For information regarding the PPP Loan Forgiveness process, please visit our PPP Loan Forgiveness page.