The CARL Program is a pilot program to increase access to Small Business Administration-guaranteed loans in under-served 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, 2020. 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: