The Center for Rural Affairs is helping local businesses cope with the impact of the COVID 19 pandemic. A main part of that is implementation of their Express Loan program. CFRA’s Rural Enterprise Assistance Project Director Kim Preston says the application process for the express loan program is fairly simple.
She says those loans range from $2500 up to $10,000. Preston adds that there is expedited funding for new borrowers in the Express Loan Program.
Preston says one of their major goals is making sure small businesses survive during this pandemic.
Preston says those borrowers with loans in good standing who are experiencing a decline in revenue are eligible to request reduced payments or loan deferment for up to 90 days. In addition for the next 90 days, all fees including late payment, overdraft and rescheduled fees will be waived for existing loans.
