BOSTON – In response to the COVID-19 pandemic, SBA has developed a new, temporary loan product titled “Community Advantage Recovery Loans” for eligible CA Lenders to provide technical and financial assistance to support small businesses located in underserved areas.
The SBA issued a document HERE in the Federal Register, providing specific requirements for Community Advantage Recovery Loans. In addition to getting funded, the underserved small businesses will also receive technical assistance to build financial resiliency against future business disruptions.
“We are excited that Western Massachusetts will have access through Common Capital to the new CARL program, together with traditional Community Advantage and SBA Microloans to help with continued recovery in the region,” said District Director Bob Nelson.
CA Recovery Loans can be approved through September 27, 2020 and must be fully disbursed no later than October 1, 2020. The CARL Participant Guide is available on SBA's website and outlines all other loan terms and conditions.
“Common Capital appreciates the opportunity to participate in this new program, which will help us increase the flow of loan capital to underserved businesses in Western Massachusetts. Combined with our existing SBA loan programs, we look forward to expanding our assistance to businesses that have a concrete plan for adapting to the COVID-19 economy,” said Common Capital President Raymond Lanza-Weil.
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About Common Capital
Common Capital is a nonprofit community development financial institution (CDFI) working to strengthen communities by creating economic opportunities for low-and moderate-income people in western and central Massachusetts. Common Capital responsibly lends money to small businesses that are unable to access all the capital they need from conventional sources, such as banks. Common Capital also provides free business assistance to its borrowers. Together, Common Capital’s loans and business assistance support job creation, business growth and success, and neighborhood rejuvenation. For more information, please visit: www.common-capital.org.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.