New Relief Program Available for Small Businesses
Style Magazine Newswire | 7/27/2020, 1:06 p.m.
The PeopleFund is a lender in the new Community Advantage Recovery Loan (CARL) Program launched by the Small Business Administration (SBA). The new program will provide technical and financial assistance to small businesses located in underserved markets. It is intended to help these small businesses revamp their operations for the COVID-19 environment and/or to build financial resiliency against future disruptions.
Under this program, the first six months of payments will be covered by the SBA.
Additionally, borrowers under this program will be required to receive at least 15 hours of technical assistance (TA) from PeopleFund. The TA will be free for the client. It will also be tailored to the borrower’s needs and may include retooling the borrower’s business model for a COVID-19 environment, shifting to an online presence, building cash reserves, and expense reduction strategies. The TA may begin 30 days prior to loan approval and must be completed during the first six months of the Community Advantage (CA) Recovery Loan term.
This program will be available for limited time only: CA Recovery Loans can be approved only through September 27, 2020 and must be fully disbursed no later than October 1, 2020. All CA Recovery Loans must be made to small businesses in underserved markets as defined by the SBA. The minimum loan term for CA Recovery Loans is five years and the maximum amount is $250,000. All other terms and conditions for CA Recovery Loans are the same as the terms and conditions for other CA loans.
If you want to know if you qualify for this program please fill out this form and someone will reach out to you.