COVID-19 Community Advantage Resources
Underserved small businesses across the country continue to be adversely impacted by the COVID-19 pandemic. Mission lenders took initiative to deliver much-needed capital to businesses that banks turned away.
SBA’s Community Advantage Recovery Loan (CARL) Initiative:
On July 15th, 2020, the SBA announced the creation of a temporary CARL pilot program and invited select CA lenders to participate. CARL was designed to provide technical and financial assistance to assist small businesses located in underserved areas with retooling their business models for the COVID 19 environment and building financial resiliency against future financial disruptions. CA Recovery Loans were approved from July 15, 2020, through September 27, 2020, in accordance with the end of the ‘covered period’ established by the CARES Act.
August 2020 | SBA Memo and PowerPoint on CARL
July 2020 | Announcement of CARL
July 2020 | Federal Register Notice: Community Advantage Pilot Program Temporary Changes-Community Advantage Recovery Loans