Under our COVID19 Microloan program, each business is eligible to apply for up to $25,000. The first six payments will be paid (both principal and interest) directly by The SBA. The remaining balance will be amortized over a 6-12 month term based on repayment ability. There is a 3% loan origination fee and the interest rate for this loan is 6.5%.
We as a united community, are all concerned with the pandemic COVID-19. In response to new information from the SBA indicating caps on both the EIDL and PPP Programs, CPLC Prestamos CDFI has made available this microloan product available.
Prestamos is committed to doing our small part in efforts to mitigate the negative economic impacts, realizing we as a nation will eventually recover and the strength of the small business owner will be crucial to any rebuilding process. Prestamos is a proud member of the Community Development Financial Institutions, (CDFI) as a CDFI we pledge to serve small businesses in low-income communities, minority, and women-owned businesses. Our priority will be focused on small businesses located in low-Income communities and underserved business owners to fulfill our mission of creating/preserving jobs in economically distressed communities.
If you are current Prestamos client, please schedule an appointment to discuss options available to you. Even if you feel your business in not impacted, we encourage all clients contact us during this time.
If you are currently, not a client, Prestamos continues to be in the business of lending. We have developed a streamlined process to ensure quick response times and assistance to qualifying enterprises.
Prestamos understands taking on additional debt at any time for a business should be done so with careful consideration. We encourage you to schedule an appointment to discuss options for the heath of your business.
Details on Loan:
Use of funds:
We are also accepting interest applications for the Paycheck Protection Program (PPP) in hopes that Congress will increase the cap for this program. We encourage you to complete your application so that if the program becomes available again, your application is ready to submit to The SBA. You can start your PPP interest application here: PPP APPLICATION
Submit Your Application
Fill out the form below to start the process. In order to apply, you will need to provide your tax returns and current financial statements.
Talk with a Prestamos Loan Officer
Once we have your information, a Prestamos team member will contact you to obtain any additional information required and discuss your loan options.
