Small businesses hurt by the COVID-19 crisis have more than one source to get help from. This article will tell you what forgivable loan options you have in the State of Pennsylvania and the City of Miami. Also, you’ll read about a reliable alternative online lender to get funding assistance from.
Small Business Loans: Pennsylvania 30 Day Fund
The State of Pennsylvania offers a nonprofit Pennsylvania 30 Day Fund. This nonprofit program is backed by volunteers. To qualify for it, you must have 3-30 employees.
To be eligible, businesses must also be owned and run by someone who resides in Pennsylvania, and must be in operation for at least 1 year. Also, they must be based in Pennsylvania. The program gets financing from individuals, foundations, and other business owners. When all the set project goals, milestones, and conditions are met, loan repayment can be forgiven.
Before discussing another funding option in the City of Miami, let’s not forget that you can apply to alternative online lenders as well. With a respectable business funding provider like FirstAmericanMerchant.com, you can get fast and easy access to the working capital you need.
FAM is an award-winning alternative online lender and merchant processing company specializing in the high risk field. FAM offers the cheapest rates for small business loans in the industry.
Forgivable Loan Program in the City of Miami
The City of Miami Dade’s Board of County Commissioners has recently authorized $5 million through Small Business Assistance Forgivable Loan Program. The loan money makes up $25.000 without any interest or origination fees.
To be eligible for the relief funds, you must employ 25 people max., prove your business has been hurt by the crisis and that you haven’t been able to get assistance from other COVID-19 programs, e.g., the federal Paycheck Protection Program (PPP).
Running a business during a crisis like the one caused by the coronavirus pandemic isn’t an easy task at all. A crisis like this puts businesses into serious financial problems. Thankfully, there’re both state-backed and alternative business financing options that you can receive to overcome the existing challenges with success.