Loan information for racing community from DSOA

Dover, DE – As the Delaware Standardbred Owners Association (D.S.O.A.) continues to proudly represent our harness racing community during the suspension of racing during this Covid-19 pandemic, the organization has more information that may help many local horsemen and women.

The D.S.O.A. has been working closely with Delaware's Department of Agriculture on eligibility options for "HELP" loans through the State of Delaware. Please see the below correspondence from the D.S.O.A. Executive Director Sal DiMario for more information.

To Members of the Harness Racing Community:

I am pleased to inform you that you may now be eligible for a State of Delaware "HELP" loan, provided your business has annual revenues less than $2.5 million, as that is the aggregate maximum loan amount even if you have multiple racing entities. This loan may be an option for your business in addition to the Federal EIDL or PPP loans which you may also apply for. All "HELP" applications must be submitted electronically to business finance@delaware.gov or call (302)739-4271.

Widely referred to as the "hospitality industry" loans, horse racing stables with an NAICS code beginning with "7112" are also eligible to apply for these Delaware no-interest loans.

Delaware HELP Loans Administered by the Division of Small Business:

a. No Interest
b. Capped at $10,000 per business per month
c. Money can cover rent, utilities, feed, veterinary, and other unavoidable bills but cannot be used for personnel costs
d. 10-year term with payments deferred for nine months

Find your business's NAICS code by:
a. Looking at your unemployment insurance forms
b. Looking at your most recent tax returns (front page or Schedule C)

Identify the first FOUR digits of your NAICS code – "7112" businesses are eligible

Horse racing stables that have another NAICS code, perhaps tied to breeding, may still be eligible; as long as horse racing is part of the business – call the small business office to discuss the details

Eligible businesses must have been in operation for at least a year and have annual revenue below $2.5 million

For additional information Email business@delaware.gov or call 302-739-4271.

All applications must be submitted electronically to business_finance@delaware.gov.

Salvatore DiMario
Executive Director

In recent weeks, the D.S.O.A. was also successful in working with Dover Downs and getting an approved plan from the Delaware Harness Racing Commission to distribute purses from the final two weeks of the Dover Downs meet that were not contested.
Please go to the D.S.O.A. website at DSOAOnline.com and the Facebook page at https://www.facebook.com/DEStandardbredOwners/ for more information on the work being done by the organization concerning issues surrounding our Delaware racing community during the Covid-19 pandemic.

As the Harrington Raceway meet approaches, the D.S.O.A. will continue to give updates on the status of the 2020 Spring Meet as we receive the information. Thank you to the horsemen and women of Delaware for their patience and know that the D.S.O.A. is working to find every possible solution to help our racing community.