A note for our customers and communities.
COVID-19 will materially impact the cashflows of many businesses and nonprofits. We wanted to share a few resources and offer our help.
Lastly, we want to remind all business owners and nonprofits that financing needs vary greatly – especially in uncertain times like these. With that in mind, we strongly encourage you to be careful and deliberate when considering additional debt.
The reality is that quick, low-cost business loans do not exist. Online loans and merchant cash advances (an advance on your daily sales through your merchant services/credit card processor) may present a quick turnaround time, automatic repayment, and the appearance of great terms. But often, they have daily or weekly repayment schedules and effective interest rates over 100 percent APR.
If you feel that an online loan or merchant cash advance are your best or only option, we hope you pause to consider Craft3.
Craft3 is an equal opportunity lender and employer. NMLS ID 390159 NMLS Consumer Access.
The completion of an application does not guarantee loan approval or receipt of loan funds.
Craft3 is a 501(c)(3) and all donations are tax deductible. EIN 91-1662698.
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