Category: Business Financing

SBA $15,000 Targeted EIDL Advance Grant: Do You Qualify?

SBA $15,000 Targeted EIDL Advance Grant: Do You Qualify?

Many small businesses impacted by the coronavirus pandemic were able to apply for a Targeted EIDL Advance (grant) of up to $10,000, as well as a Supplemental Targeted Advance of $5000. EIDL grants do not have to be repaid. The COVID-19 EIDL and grants program is closed to new applications, however, other Disaster Loan programs and grants continue to be available. We discuss those alternatives later in this article. Please Note: This article focuses on details of the program when… Read More
Paycheck Protection Program (PPP) Loans: How to Qualify and Apply

Paycheck Protection Program (PPP) Loans: How to Qualify and Apply

Updated July 28, 2021 to include the new SBA PPP Direct Forgiveness Portal. What are Paycheck Protection Program Loans? The Paycheck Protection Program (PPP) loan is a type of SBA loan designed to provide funds to help small businesses impacted by COVID-19 to keep their workers on payroll. These loans may be completely forgiven if spent on eligible expenses (mainly payroll) during a specific time period.  Update: Paycheck Protection Program Loans are no longer available.  Please keep in mind this… Read More
Get Ready: More Paycheck Protection Program (PPP) Loans and EIDL Grants Coming Soon

Get Ready: More Paycheck Protection Program (PPP) Loans and EIDL Grants Coming Soon

This story was updated January 9, 2021 Congress has passed, and the President has signed, the stimulus bill which includes a new round of Paycheck Protection Program (PPP) loans, EIDL grants and other assistance to help small business owners and independent contractors.  There is $284 billion in forgivable PPP loan funds available, both for some businesses that already got PPP loans as well as others that missed out in round one. It will include expanded PPP eligibility for 501(c)(6) nonprofits,… Read More
Small Business Financing in 2020 and Beyond

Small Business Financing in 2020 and Beyond

This fall Nav surveyed 500 small business owners to learn more about how they access borrowed capital generally and what their experiences were with the Paycheck Protection Program (PPP). I think it goes without saying that it has been a challenging time to be a small business owner and our goal is, and always has been, to put systems and information in place to hopefully make it a little easier. That includes small business financing in 2020 and beyond. We… Read More
CDFI Fund and CDFIs: Everything Small Business Owners Need to Know

CDFI Fund and CDFIs: Everything Small Business Owners Need to Know

You may not have heard of the CDFIs, but as a small business owner, these organizations could prove to be a valuable resource for funding your small business. The Treasury’s CDFI Fund certifies CDFIs and provides funding to these organizations through several programs. CDFIs, in turn, provide affordable financial services—including loans— to individuals and small businesses. Learn more about this valuable resource for affordable lending and how it may help your small business in this article.  What is a CDFI? … Read More
Non-Profit Lenders: Choosing the Right Lender For Your Business

Non-Profit Lenders: Choosing the Right Lender For Your Business

As a small business owner, finding the right financing for your business can be a challenge. That’s especially true if you don’t fit the qualifications many traditional lenders such as banks want to see: at least two years in business, strong revenues and good credit scores.  That’s where a non-profit lender may be of help. It may be able to offer loans to businesses that are younger or have trouble getting financing.  What is a non-profit lender? Non-profit lenders across… Read More