As the second round of the Payroll Protection Program is released, know that you can use us as a resource to walk through the process. This PPP is now better designed to help smaller businesses get a first shot at the funding before the larger businesses jump in. The following points address the new commitment to racial and gender equity, reaching low and moderate-income, rural, urban, and other underserved areas.
Many government agencies and organizations offer grants, funding, and low-cost loans intended to help minority-owned businesses grow.
You can find small-business grants at government agencies, state organizations and private corporations. A few good places to start your search include
The U.S. Small Business Administration’s SBA 504 Loan or Certified Development Company (CDC) program is designed to provide financing for the purchase of fixed assets, which usually means real estate, buildings and machinery, at below market rates. The primary difference between the SBA 504 Loan and the SBA 7(a) Loans are that the 504 is…
The 7(a) loan program is the SBA’s primary program for providing financial assistance to small businesses in the United States. There are 9 types of 7(a) loans. Standard 7(a) 7(a) Small Loan SBA Express Export Express Export Working Capital International Trade Preferred Lenders Veterans Advantage CAPLines Accepting Applications: Current Deadline: ongoing website Who Qualifies: depends…
Business loans to help eligible small and medium-sized companies and nonprofit organizations through the COVID-19 pandemic. Accepting Applications: April 8, 2020 Deadline: TBD website Who Qualifies: Interested businesses will work with an eligible lender to determine if they meet the program requirements, which are available online, as well as the lender’s own underwriting standards. The…
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. As part of SBA’s debt relief efforts, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and…
Accepting Applications: Current Deadline: TBD website Who Qualifies: Any small business that has faced financial pressure due to the coronavirus pandemic. Guidelines / Loan Terms: Purpose – To meet financial obligations and operating expenses that could have been met had the disaster not occurred. 3.75% for business 2.75% for non-profits 30-year maturity First Payment Due…
Accepting Applications: Micro-business Loan Deadline: ongoing website Micro-business Loan: For startups and existing businesses Loans up to $50,000 Must have a business plan and financials Must have 2-years of tax returns. Who qualifies: Start ups and existing businesses. Microbusiness Loan: For startups and existing businesses Loans up to $50,000 Must have a business plan and financials…
Accepting Applications: Express Loans Deadline: ongoing website Express Loan: For startups and existing businesses Loans up to $5,000 Must commit to one-on-one coaching and business training Who qualifies: Start ups and existing businesses. South Carolina’s Community Works program offers an express loan program for small businesses located in South Carolina. There is no cost to apply…
