Help for Businesses & Nonprofits
COVID-19 will materially impact the cashflows of many businesses and nonprofits. We wanted to share a few resources and offer our help.
- Many county and local governments are offering grants to impacted businesses. These vary by jurisdiction and we encourage you to explore what options may be available in your area.
- The federal Small Business Administration (SBA) offers Economic Injury Disaster Loans to impacted small businesses and private, nonprofit organizations. These are low-interest loans meant to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Details and eligibility can be found on the SBA website. Learn more.
- For Business and Nonprofit Clients - If you’re currently one of our clients, we’re prepared to revise your Craft3 loan agreement. This includes potentially extending your due date, temporarily reducing payments, or taking other measures that may help your organization. It is important to understand that our ability to support you during this time is contingent on learning about issues before they are critical. Please remember that your loan agreement may require you to consult with Craft3 prior to taking on additional debt – which includes disaster loans from the SBA. If you’d like to discuss the challenges you’re facing and how we may be able to help, we’d encourage you to contact your lender. If you aren’t sure who your lender is, please start with our intake specialist at 888-231-2170 ext. 128.
- If You're Not a Client - Craft3 still offers our existing business lending services to companies in Oregon or Washington looking for a loan between $25,000 and $3 million. We encourage you to familiarize yourself with our loan product and, if you feel like it is a good fit, begin qualification online. Learn more.
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.