Providing finance options for COVID-19 impact

COVID-19 Financing

Business Impact NW is a Community Development Financial Institution, and an equal opportunity provider, employer and lender.  We are working hard to help you during these unprecedented times with access to the money you need for your business.

We offer loans to start-up and existing small businesses and are also taking part in several Federal small business assistance programs.  Read on to find out about these options, or take the Navigating COVID-19 Assistance Webinar to find out which are best for your business.  If you need help applying, filling out forms, or gathering required documents, our business coaches can help.

If you are ready to apply and you need help, please contact up at apphelp@businessimpactnw.org.

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COVID-19 Relief Loans & Adjustments to Date
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Looking for a New Loan?

Economic Impact Disaster from the SBA

EIDL program is open again directly from the SBA.  Please view our page with instructions and advice on this program or work with a business coach.

SBA

Assistance is available directly through the SBA.  We have information available to help you apply and you can also attend our training, webinar, Q+A, or get help directly from a business coach or apphelp@businessimpactnw.org.

Business Loan from Business Impact NW

We are continuing to provide business loans as usual, with longer than normal processing times.   Read more about our loans and apply.

Application Support

Business Impact NW continues to provide free loan readiness and business coaching assistance.  Our coaches and loan officers are here to help answer your questions about applications, supporting documents, cash flow projections, and more. Sign up for services or contact us at apphelp@businessimpactnw.org.

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Paycheck Protection Program (P3)

The Paycheck Protection Program is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This is a program intended to provide American small businesses with eight weeks of cash-flow assistance through 100 percent federally guaranteed loans.

PROGRAM HIGHLIGHTS

  • All small businesses are eligible
  • The loan has a maturity rate of 2 years and an interest rate of 1%
  • No need to make loan payments for the first six months
  • No collateral or personal guarantees required
  • No fees
  • The loan covers expenses for eight weeks starting from the loan origination date (if the obligations began before February 15, 2020)
  • The loan can be forgiven and essentially turn into a non-taxable grant
  • Here is a tool from the SBA to help calculate your loan How-to-Calculate-Loan-Amounts

WHAT IS NEEDED TO APPLY

  • Application
  • Payroll calculations
  • Proof of payroll costs

Business Impact NW can help small businesses with applications for the P3 program.  

More information about PPP.

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Options for Current Clients

Current loan clients in good standing with Business Impact NW may have the opportunity to apply for these options:

  • Bridge Loans
  • SBA Debt Relief
  • Interest-only options
  • Refinancing
  • New loans

Contact your loan officer to inquire or lending@businessimpactnw.org.

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Business Impact NW is an equal opportunity provider, employer and lender.  SBA is an Equal Opportunity Lender, Provider and Employer. USDA Rural Development is an Equal Opportunity Lender, Provider and Employer.
Business Impact NW makes every effort to abide by the Borrower’s Bill of Rights.
Discrimination is prohibited by Federal Law.  Complaints of Discrimination should be sent to: USDA, Director, Office of Civil Rights, Washington D. C. 20250-9410
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