Many of those micro-businesses are clients of the members of the New Orleans Business Alliance (NOLABA’s) InvestNOLA Initiative’s CDFI Growth Capital Consortium – Liftfund, Newcorp, and Trufund Financial. They may require intensive application intake assistance and more time to amass required documentation. More importantly, their most pressing financial needs may not be consistent with the PPP or other federal loan funding guidelines. In other words, payroll may not be the most urgent financial need.
For that reason, the City of New Orleans, the NOLABA, and the InvestNOLA CDFI Growth Capital Consortium partnered to commence the InvestNOLA COVID-19 Relief Loan Fund. The fund will provide