U know what they say — the only thing better than a PPP loan opportunity is more PPP loan opportunities! And with the help of our friends at Opportunity Fund, that’s exactly what we have for U. We know that this past year has been full of uncertainty, and we want to do all we can to help. If you are a small business owner who could benefit from some extra funds, Opportunity Fund is helping our members gain access to SBA Payment Protection Program (PPP) loans.
As a general refresher, PPP loans (like these that are offered by Opportunity Fund) are meant to help the businesses most effected by the COVID-19 pandemic. The Small Business Administration (SBA) offers great features on PPP loans in order to help with this initiative. The SBA will forgive PPP loans if all employee retention criteria are met, and the funds are used for eligible expenses.
A bit about Opportunity Fund
We have partnered with Opportunity Fund for a few reasons, but mainly because of their help-first attitude. Opportunity Fund is driven by their mission, rather than by profit — and we LOVE that! They are a nonprofit Community Development Financial Institution, that provides affordable capital and responsible financial solutions to hard-working entrepreneurs, with over 25 years of experience serving small business owners who are primarily people of color, women, and immigrants. They also offer step-by-step assistance in both English and Spanish for those who need help with the application process. Like us, they are people helping people, which aligns with our mission of creating a better (financial) world for U + Me!
Here are some stand-out Opportunity Fund PPP loan features:
- Funding priority is given to businesses who have yet to receive any PPP financial assistance. So, for those business owners who are applying for the first time, you’ll move up in the queue to receive funds.
- Opportunity Fund is a direct SBA lender that handles the entire process from application intake, review, submitting to SBA, funding, servicing and loan forgiveness. You will have a real person you can connect with who will help you every step of the way.
- Opportunity Fund supports the smaller businesses: Last year, their average PPP loan size was around $14,000, compared to the national average of $107,000.
If U (or somebody you know) could benefit from a PPP loan, click here for more information. Funds are limited, so act fast for your best chance of receiving PPP loan funds!