Who Qualifies – Small businesses with 500 or fewer employees – including nonprofits, veterans organizations, tribal concerns, self employed individuals, sole proprietorships, and independent contractors are eligible. Businesses with more than 500 employees are eligible in certain industries.
Loan Size – $1,000 – $2 Million
Loan Term – 15 to 30 years
Interest Rates – Ranging from 1.75 – 3.75% APR
More Information –
Advanced programs available, allowing you to receive $1,000 – $25,000 while waiting for approval.
Loan will automatically be deferred for the first 12 months.
Other Affiliated Programs –
SBA Express Bridge Loan
The Express Bridge Loan pilot program allows businesses who currently have a business relationship with an SBA lender to access up to $25,000 quickly.
These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. In addition, there can be term loans used to bridge the gap while applying for a direct SBA EIDL (Economic Injury Disaster Loan).
Terms –
Up to $25,000
Fast turnaround
Will be paid in full or in part by proceeds from the EIDL loan
Other Affiliated Programs –
EIDL – Economic Injury Disaster Loan
The MSLP is a Federal Reserve Program designed to help credit flow for small to medium-sized businesses that were in sound financial condition before the COVID-19 pandemic. This program is designed for businesses that were either unable to access the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) or that require additional financial support after receiving a PPP loan. Please note, MSLP loans (as opposed to PPP loans) are not forgivable.
Loan Size – $250,000 up to $300 Million with up to 15,000 employees
Loan Term – Five years
Interest Rates – Range between 3.0% & 6.0% APR
*Nonprofit businesses not eligible
Already have a Payment Protection Program loan?
Work with our expert account executives to navigate a second round of funding for your business through the P4 Act.
The Prioritized Paycheck Protection Program is designed to get your business additional protection for two and a half months above and beyond what you have already received on the following: .
Lease, mortgage, or rent payment
Monthly payroll
Utilities
Check back for updates to programs under review for approval:
HEROES Act – Health and Economic Recovery Omnibus Emergency Solutions Act
ERTC Act – Employee Retention Tax Credit Act
STEP Act – State Trade Expansion Program Act
HEALS Act – Health, Economic, Assistance, Liability Protections and Schools Act
