Small Business News
We know you’re strapped for cash.
We’ve been talking to entrepreneurs like you for the last two weeks. What we’ve heard is a resounding need for fast, reliable cash to pay for the hard costs associated with owning a business and you get through this uncertain and scary time. To that end, we’ve compiled a list of trustworthy, non-predatory lenders that can get you the cash you need (preferably quickly!).
The majority of the lenders listed below are CDFIs, or Community Development Financial Institutions. This means they’re mission-driven, and are 100% committed to delivering responsible, affordable lending.
LENDERS WE TRUST
- Opportunity Fund’s “Small Business Relief Program” – Loan payment relief for existing borrowers, affordable loan capital and expert advice for new borrowers affected by COVID-19
- City of LA’s “Small Business Emergency Micro-loan Program” – Micro-loans between $5,000 and $20,000 to businesses affected by COVID-19
- Pacific Community Ventures “Small Business Loans” – Provides loans between $10,000 and $200,000 for small business owners in CA
- CDC Small Business Finance’s “C-19 Emergency Relief Micro-Loan” – Up to $50,000 for businesses in CA
- CDC Small Business Finance’s “C-19 Emergency Relief Working Capital Loan” – Up to $150,000 in working capital
- Kiva – Maximum loan amount increased to $15,000 with a six month grace period
- CA iBank “Disaster Relief Loan Guarantee” Program – Provides loan guarantees and direct loans for small businesses
- Small Business Association’s “Disaster Relief” Program – Provides working capital loans up to $2M
- CA iBank “Jump Start” Loan Program – Micro-loans from $500 to $10,000 for low-to-moderate income business owners
- Inclusive Action for the City’s “Street Vendor Emergency Fund” – Direct cash assistance for vendors who cannot access resources from the government
- Jewish Free Loan – Currently offering $3,000 emergency loans
Free business counseling is available through a network of 70 small business assistance centers throughout CA. At these centers, you can learn about different disaster response programs and receive help in accessing available resources.
For other kinds of technical support, check out the Business Advising that Pacific Community Ventures is offering, free of charge. We’re also loving the Daily Updates for Small Businesses that Small Business Majority is putting out.
Finally, we’ve created a Facebook Group for Small Business Owners affected by COVID-19. Join us there to share your story, learn about resources as they become available, and share ways we can help and support each other during this time.
We’re all in this together.