Prestamos CDFI is working across the nation with city governments to support small businesses affected by the COVID pandemic. We are a proud member of the Community Development Financial Institutions (CDFI) and uniquely qualified to serve non-profits and small businesses in low-income communities, minority, and women-owned businesses.
The CARES Act allows local governments to establish a grants program for “Small Business” which have incurred losses directly as a result of the current public health pandemic. Attorney General’s Office, on April 6, 2020, issued guidance cash assistance to low-income individuals may be provided by local governments for “protecting the local economy or promoting compliance with public health guidelines.”
Many jurisdictions have established loan programs and/or grants to mitigate the financial impact on their local small businesses and nonprofits. As long as they are structured properly, these grants do not have to be reimbursement-based as determined by the Department of Commerce. Once the grant is awarded it is considered to be an incurred expense (full amount).
Prestamos CDFI has worked with local governments facilitating loans and providing hundreds of hours of technical assistance services to small businesses within their jurisdiction in just a few months. We have also worked with the Small Business Administration – Paycheck Protection Program (PPP) to fund over $26 Million to more than 900 small businesses which helped preserve 4,000 plus jobs as of January 1, 2021.
We hope to expand our reach across the nation and support significantly more local entrepreneurs in the current PPP lending phase, especially in the low-income communities, minority, and women-owned business categories.
If there are businesses in your community seeking capital or entrepreneurship assistance, we can help. Please contact us to partner and support the members of your community in this current economic situation.
