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New SBA program to help small businesses with COVID-19 recovery

Payments waived for the first six months, funds available within 10 days, available through MoFi until Sept. 27, 2020

 

Last updated 8/20/2020 at 7:49am



MISSOULA — With the expiration of the Paycheck Protection Program earlier this month, a new U.S. Small Business Administration program is now available to help small businesses amid the ongoing COVID-19 pandemic. The Community Advantage Recovery Loan — CARL — Program provides loans with free consulting aimed at helping businesses through the economic downturn. Benefits of the program include fast availability of funds for approved borrowers and the first six months of payments being forgiven.

The CARL Program is a pilot program to increase access to Small Business Administration-guaranteed loans in underserved areas across the country. Loans of up to $250,000 are available through the program, with funds available in 10 business days or less. With the first six months of payments forgiven, business owners receiving funds in August wouldn’t have loan payments until March. The program is only available for a limited time, however, and loans must be approved by Sept. 27. Businesses can access the program through MoFi, a community-based lender that specializes in helping those not served by traditional financial institutions.

“As small businesses across the Northern Rockies and Inland Northwest continue to feel the impact of the pandemic, this new SBA program is a great option to help with their financial recovery,” said Dave Glaser, president of MoFi. “The Paycheck Protection Program allowed many businesses across the region to keep their employees on payroll through spring and early summer. Now, this program can help them pivot to the future.”

Technical assistance that comes with Community Advantage Recovery Loans is free and can be used to help small businesses:

• Retool their business model for the COVID-19 environment

• Shift to an online presence

• Build cash reserves

• Strategize to reduce expenses, and more

To access the program through MoFi, businesses must be located in Montana; Idaho; Wyoming; Eastern Washington’s Asotin, Spokane and Whitman counties; or Eastern Oregon’s Malheur County.

For more information about the CARL Program or to apply for a loan, contact MoFi at 844-728-9234 or visit https://www.mofi.org/business-financing/carl/ .

About MoFi

MoFi is a non-profit Community Development Financial Institution that provides loans to individuals, businesses and communities. MoFi believes that access to responsible, flexible capital is fundamental, and that everyone should have equal access to capital to create individual stability, business success and community prosperity. With its small business lending to “nearly bankable businesses,” MoFi has supported thousands of businesses that could not access a loan at a bank. Once a business is “bankable,” MoFi helps connect it back to a bank relationship. MoFi operates across the Northern Rockies states of Wyoming, Montana, Idaho, Eastern Washington and Eastern Oregon. Learn more at https://www.mofi.org/.

 

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