New loan to help small businesses amid pandemic
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News from MoFi Loan, a nonprofit lender
MONTANA — With the expiration of federal COVID-19 pandemic relief programs and what could be a difficult winter season on the way, MoFi is launching Thrive, a new loan that provides flexible and responsible capital, quickly, to small businesses across the Northern Rockies and Inland Northwest.
Thrive Loans are a resource for existing small businesses that were profitable before the pandemic and need help to adapt and survive in an uncertain economic climate but can’t access financing, right now, through traditional institutions like banks and credit unions. With benefits, including interest-only payments for the first two years, Thrive Loans are available through a simple online eligibility check and application process.
Earlier in the pandemic, the U.S. Small Business Administration offered assistance through the Paycheck Protection Program and the Community Advantage Recovery Loan Program, with businesses accessing funds through banks, credit unions and organizations like MoFi. As a nonprofit community lender, MoFi specializes in helping businesses not served by traditional financial institutions, including those in low-income areas, and Native American and Hispanic communities. MoFi provided nearly 1,300 loans through the two programs, totaling nearly $35 million in value.
Seeing the need for additional assistance as the pandemic continues into winter, MoFi developed its Thrive Loan program, listening to clients about their needs and building an application process that is streamlined and user-friendly.
“We launched the Thrive Loan to help small businesses survive in a rapidly changing economy,” said Dave Glaser, president of MoFi. “As the pandemic continues to impact our communities, this program provides business owners with the working capital they need to stay afloat, adjust their business models and maintain hope.”
To access MoFi’s Thrive Loans, businesses must have been profitable in 2019 and must be located in Montana, Idaho, Wyoming, Eastern Washington or Eastern Oregon. Benefits of MoFi’s Thrive Loans include: A simple online eligibility check and application process. Maximum loan amount of $100,000 with credit score of 650 or higher. Maximum loan amount of $50,000 with credit score of 625 or higher. No equity requirement. Limited collateral requirements. Two years of interest-only payments. Free business consulting services.
For more information about Thrive Loans, to check eligibility or to apply, visit https://www.mofi.org/business-loans/.
MoFi is a nonprofit 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. MoFi has supported thousands of businesses that could not access a loan at a bank or credit union. Once a business is “bankable,” MoFi helps connect it back to a bank relationship.
