This program is no longer available. Please click here to learn more about PeopleFund’s COVID-19 relief programs and resources.
Please be aware PeopleFund only serves small businesses in Texas and veterans in certain areas of Oklahoma.
Previous Information about the CARL program:
PeopleFund is a lender in the new Community Advantage Recovery Loan (CARL) Program launched by the Small Business Administration (SBA). The new program provides technical and financial assistance to small businesses located in underserved markets. It is intended to help these small businesses revamp their operations for the COVID-19 environment and/or to build financial resiliency against future disruptions.
What are the benefits?
- First six months of payments covered by the SBA.
- Borrowers are required to receive at least 15 hours of technical assistance (TA) from PeopleFund to help their businesses adjust to COVID-19. It will also be tailored to the borrower’s needs and may include retooling the borrower’s business model for a COVID-19 environment, shifting to an online presence, building cash reserves, and expense reduction strategies. The TA will be free for the client.
What are the loan terms?
- Terms and conditions are similar to SBA 7A Community Advantage loans.
- 8.25% fixed rate* after 6 months
- Loans up to $250,000
- Minimum loan term is 5 years.
Who is eligible to apply?
- All CA Recovery Loans must be made to small businesses in underserved markets as defined by the SBA.
This program will be available for a limited time only, please contact us as soon as possible if you are interested.
PeopleFund Headquarters
2921 E. 17th Street Building D Suite 1
Austin, TX 78702
Hours: 9am to 6 pm
We are currently working remotely. If you have questions about the program, please call 888-222-0017.
Loans offered by PeopleFund, a Texas Community Development Financial Institution and SBA Lender. Participants in this program will receive financial assistance in the form of loans up to $250,000 with no payment obligation for the first 6 months and an economic benefit equal to the first 6 months of payments paid by the Small Business Administration (SBA). The APR for loans in this program is 9.12% or less. The APR is subject to change upon current PRIME rates. This program includes a processing fee of the lesser of $2,750 or 2.5% of the loan amount that can be paid at the time of loan closing or rolled into the amount of the loan. Applicants shall meet SBA eligibility requirements to participate.
*Rate is subject to change and based upon current PRIME rates.