In efforts to respond to the COVID-19 pandemic and the impact on the small business community, the SBA and Treasury Department have announced $10 Billion in additional funding. This additional funding will be exclusively for Community Development Financial Institutions (CDFI’s) to provide funding for small businesses participating in the Paycheck Protection Program (PPP).
The purpose of a CDFI is to expand economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses. As a CDFI, Prestamos will continue working to expand its work on providing economic opportunity to the communities we serve through the PPP. By providing small businesses with access to financial resources and services, we are able to help provide them relief through the uncertainty.
The PPP is a forgivable financial loan meant to provide assistance to businesses to help retain their workforce and remain in operation. Throughout the funding phases, Prestamos has already provided $10,623,689.73 in direct PPP services to 302 local businesses in Arizona, New Mexico, and Nevada. This funding has helped to preserve 1,644 jobs and keep businesses open. As is known with Prestamos, our services go beyond financial products. We are dedicated to creating opportunities for business owners to inform themselves on best practices and solutions for success.
Knowing that the PPP is a forgivable loan, Prestamos has worked closely with our team to ensure that businesses have what they need to navigate the process. From the application phase to life after the loan, we have equipped borrowers with the information they need to make sure their loan is forgiven. This information has helped prepare these businesses with tools to ensure they are following protocol and are in compliance to get the loan forgiven, if applicable.
At Prestamos CDFI, we are here to help you with any needs your small business has. We offer a variety of loan products and business consulting programs to help your business grow and succeed.