Businesses across the Northern Rockies and Inland Northwest in need of capital during the coronavirus pandemic could qualify for a new loan package prepared by a Missoula nonprofit financial institution.
Dave Glaser, President of MoFi, said the new Thrive Loans could serve as an added resource for small businesses that were profitable before the pandemic and need help adapting to or surviving the current economic climate.
“We launched the Thrive Loan to help small businesses survive in a rapidly changing economy,” said Glaser. “As the pandemic continues to impact our communities, this program provides business owners with the working capital they need to stay afloat, adjust their business models and maintain hope.”
With benefits including interest-only payments for the first two years, Thrive Loans are available through an online eligibility check and application process. The loans include two years of interest-only payments and no equity requirement.
To access a Thrive Loan, businesses must have been profitable in 2019 and be located in Montana, Idaho, Wyoming, Eastern Washington or Eastern Oregon. Benefits include:
· A simple online eligibility check and application process.
· Maximum loan amount of $100,000 with credit score of 650 or higher.
· Maximum loan amount of $50,000 with credit score of 625 or higher.
· No equity requirement.
· Limited collateral requirements.
· Two years of interest-only payments.
· Free business consulting services.