MoFi Ready to Help Underserved Businesses with PPP Loans Starting Monday, Jan. 11
MISSOULA, Mont. – In anticipation of a new round of Paycheck Protection Program assistance rolling out the week of Jan. 11, 2021, the U.S. Small Business Administration has taken steps to ensure these relief loans get into the hands business owners who were unable to access a PPP loan in 2020. The SBA announced today that it will grant exclusive, early access to first-time PPP borrowers starting Monday, Jan. 11, through community development institutions like MoFi. The program will open to second-time PPP applicants on Wednesday, Jan. 13.
An end-of-year emergency relief package from the federal government includes $284 billion for the Small Business Administration’s Paycheck Protection Program, extending it through March 31 and making improvements to the original loan program. Many of the improvements are designed to help smaller businesses and businesses in underserved communities – those served by organizations like MoFi – more easily access the funding. With this program, MoFi is looking to support businesses not served by traditional banks or credit unions, including sole proprietors, independent contractors, and those in need of less than $50,000. In addition to helping first-time PPP applicants, MoFi is also hoping to help businesses owned by, located in or serving low-income communities and people of color. In the initial round of assistance last year, MoFi provided nearly 1,300 PPP loans to businesses in Montana, Idaho, Oregon, Utah, Washington and Wyoming, with an average loan size of $26,000.
“The re-launch of PPP will provide much-needed relief for businesses across our region, as they continue to endure economic hardships related to COVID-19,” said Dave Glaser, President of MoFi. “We’re grateful to be a part of the solution, and we’re prepared and committed to reach deep into our communities to find those who might not otherwise have access to the program.”
MoFi encourages interested business owners to get in touch as soon as possible. Applications are being accepted on a first-come, first-served basis. To apply for a PPP loan through MoFi, businesses must be located in Montana, Idaho, Oregon, Utah, Washington or Wyoming. Application instructions can be found on MoFi’s website at https://www.mofi.org/paycheck-protection-program-loan/.