Business Buzz: MoFi loan to help small businesses | Local Business
With the expiration of federal COVID-19 pandemic relief programs and what could be a difficult winter season on the way, MoFi is launching Thrive, a new loan that provides flexible and responsible capital, quickly, to small businesses across the Northern Rockies and Inland Northwest. Thrive Loans are a resource for existing small businesses that were profitable before the pandemic and need help to adapt and survive in an uncertain economic climate, but can’t access financing right now through traditional institutions like banks and credit unions. With benefits including interest-only payments for the first two years, Thrive Loans are available through a simple online eligibility check and application process.
Earlier in the pandemic, the U.S. Small Business Administration offered assistance through the Paycheck Protection Program and the Community Advantage Recovery Loan Program. As a nonprofit community lender, MoFi specializes in helping businesses not served by traditional financial institutions, including those in low-income areas, and Native American and Hispanic communities. MoFi provided nearly 1,300 loans through the two programs, totaling nearly $35 million in value.
Seeing the need for additional assistance as the pandemic continues into winter, MoFi developed its Thrive Loan program.
“We launched the Thrive Loan to help small businesses survive in a rapidly changing economy,” said Dave Glaser, President of MoFi. “As the pandemic continues to impact our communities, this program provides business owners with the working capital they need to stay afloat.”
