Businesses in the northern Rockies and interior of the northwest that need capital during the coronavirus pandemic could benefit from a new loan program prepared by a non-profit financial institution in Missoula.
Dave Glaser, Chairman of MoFi, said the new Thrive loans could serve as an additional resource for small businesses that were profitable before the pandemic and need help adapting or surviving the current economic climate.
“We launched the Thrive Loan to help small businesses survive in a rapidly changing economy,” Glaser said. “As the pandemic continues to impact our communities, this program is providing business owners with the working capital they need to stay afloat, adjust their business models and maintain hope.”
With benefits including interest payments only for the first two years, Thrive loans are available through an online eligibility verification and application process. The loans consist of two years of interest only payments and no capital requirement.
To access a Thrive loan, the businesses must have been profitable in 2019 and be located in Montana, Idaho, Wyoming, eastern Washington, or eastern Oregon. The advantages include:
· Simple online eligibility verification and application process.
· Maximum loan amount of $ 100,000 with a credit score of 650 or higher.
· Maximum loan amount of $ 50,000 with a credit score of 625 or higher.
· No fairness requirement.
· Limited warranty requirements.
· Two years of interest payments only.
· Free business advisory services.