With the COVID-19 pandemic severely affecting small and medium-sized businesses across the nation, the federal government created and implemented the Main Street Lending Program.
In early August 2020, Alpha Omega Training and Compliance, Inc. (AOTC), the #1 trusted Environmental Consulting, Remediation, and Industrial Services company, became the first firm in the industry to be selected for a loan from this critical program from the Federal Reserve.
We are honored and thrilled to have been selected. We have offered our sincere gratitude to the government for helping us continue to flourish during these unprecedented times of the COVID-19 pandemic.
AOTC: Financially Sound & Bolstered by the Main Street Loan
The federal government’s parameters for the selection of the loan were clear: “to support lending to small and medium-sized for-profit businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic.”
AOTC undoubtedly met those parameters and continues to be financially stable. We are also bolstered by the loan because that offers up new avenues for continued growth. This stability is extremely important to us to convey to our customers as we respond to emergencies and deliver our other services, including Compliance Service & Training, Occupational Health & Safety, Industrial & Waste Management, Utility Support & Construction, and Site Investigation & Remediation.
The Main Street Lending Program: An Overview
The Main Street Lending Program was created through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It is one of the ways that the United States federal government is helping independent businesses continue to operate and serve their customers well.
This $600B program is conducted in coordination with lenders across the country with federal oversight to ensure responsibility in lending. This includes a 95% participation from The Fed for the funds. The Main Street Lending Program is selective with their choice of businesses for the funds. It is not easy to get.
AOTC met the challenge. Those awarded must meet not only federal guidelines but also the substantial parameters of the lender. An additional qualification that AOTC met was to prove that we are not a rent-seeking company. This is another important requirement because there are companies being opportunistic with the COVID-19 relief loan for their own financial gain and not for the overall benefit of society.
AOTC has plans moving forward to not only continuing to serve our customers well but also to help our industry and increase the strength of the economy. We will be using funds to acquire struggling businesses in the environmental remediation industry impacted by the pandemic. This will grow our business, helping us to serve even more customers. But it will also help to reduce bankruptcies that impact business owners, their staff, and their families. This integration also preserves the acquired company’s value.
We look forward to the future as we persist in providing innovative and proactive solutions to keep businesses protected. AOTC serves private, commercial, industrial, municipal, and federal government clients.