The Chamber is dedicated to providing our members with up-to-date information and resources. We want to make our members aware that they may qualify for a loan from PeopleFund, a non-profit organization.
PeopleFund creates economic opportunity and financial stability for underserved people by providing access to capital, education and resources to build healthy small businesses. In response to the COVID-19 pandemic, PeopleFund is providing quick turn-around, disaster assistance loans and payment assistance for current clients.
“PeopleFund is standing by to assist our small business community with disaster relief efforts and financial assistance,” said Gustavo Lasala, President & CEO of PeopleFund. While PeopleFund is currently providing PPP loans for its existing clients, you may be eligible for a bridge loan.
BRIDGE LOAN PROGRAM – The bridge loan is offering up to $60,000. The bridge loan program is intended for the immediate need of working capital to businesses directly impacted by the COVID-19 pandemic. The loan has a 0% interest rate and no payments for the first six months.
To be eligible, businesses must prove that they have applied for the Small Business Administration’s (SBA), Economic Injury Disaster Loan (EIDL) or Paycheck Protection Program (PPP) Loan. A credit score of 600 makes you eligible for $25,000, and a 650 credit score makes you eligible for $60,000. Acceptable use of funds includes rent, payroll, utilities, accounts payable and other fixed expenses. Funds may not be used for owner salary, refinancing or debts to other creditors. CLICK HERE for more information.
There are many resources available for small businesses during this time. CLICK HERE to learn about other funding opportunities on the Chamber’s business resources page.