(Loan amount will be determined in the underwriting process, based on borrower’s need and capacity for repayment)
The program is designed to support the sustainability of the business, and will be flexible, allowing the applicant to identify the most urgent financial needs of the business.
Some applicable uses of funds include payroll, rent, mortgage payments, equipment, operating capital, insurance, technology upgrades and subscription fees, etc.
The applicant will be required to demonstrate how the funding will assist the business to remain financially and operationally viable for a minimum of 12 months.
Loans will be processed within 3-5 weeks of receipt of all required documentation.
Priority Geographical areas:
Priority will be given to businesses that have not received federal COVID-response loan and/or grant funding. You may visit the Crescent City Biz Connector at www.nolaba.org/connector/ for local assistance.
Program applicants will have access to technical assistance from the participating CDFI lenders and other local small business assistance providers.
Pre-payment penalties do not apply.
We anticipate making 60+ loans. Applications will be accepted and processed on a first-come, first-served basis until funding has been exhausted.