COVID-19 Financial Innovation & Impact Investing
Resources for Nonprofits & Small Businesses
From Impact Finance Center:
**Before you furlough or lay off employees, please reach out to us at Impact Finance Center, especially if you have an endowment..
- All Impact Investing Institute courses are offered for free through the duration of the pandemic. Sign up here for a free access code. (Any donations to support the courses are greatly appreciated.) Courses available include:
- COVID-19 Financial Innovation & Impact Investing
- Corporate Financial Innovation & Impact Investing
- Equity vs Debt for Your Social Venture
- Money, Mission, and Millenials
- We are adding new courses weekly – take this survey to let us know which topics you are most interested in and we’ll focus on those first!
- Custom, individual fellowships are being offered at 50% off. Please visit our Custom Training page for more details.
- We have developed a new tool to help endowments activate more of their money to help nonprofits and communities through this crisis, while earning a desirable return. Read The Enterprise Integrated Full Spectrum Capital Investment memo here (coming soon) – let us know if you want to learn more and/or join as a signatory.
SBA Assistance, Lenders, and Other Financial Resources:
Payroll Protection Loans (PPL) – Provides small business and non profit 501-c-3s with loans that can become grants thru the CARES legislation
- The recipient must have employees or independent contractors for whom they paid salaries and payroll taxes
- Loan must go towards retaining workers, although proceeds can be used for expanded purposes: payroll and health benefits, mortgage / rent / utility payments, interest on existing debt
- All loan fees, personal collateral and guaranty requirements waived
- Loan maximum of $10MM, but generally up to 2.5x average monthly payroll, plus the value of any existing Economic Injury Disaster Loans (EIDL)
- Interest rate not to be higher than 4.00%
- Payments deferred for between 6-12 months
- Forgiveness eligible for portion of the loan used to cover payroll, mortgage, rent or utility costs from February 15, 2020 to June 30, 2020.
- Forgiveness amount reduced for employee reductions and a threshold level of wages
- Colorado Lending Source (https://www.coloradolendingsource.org/), the leading Colorado SBA Lender will start offering these loans early/mid April. Available to Colorado and other states.
- First Southwest Bank (https://fswb.bank/), one of Colorado’s CDFI banks that serves rural Colorado and the four corners region prefers that you establish an account, but it is not mandatory. They have established account opening online to make it easy. They are accepting all applications for businesses located within the State of Colorado. People can email [email protected] to get in the queue for mass email distribution and will be sent a link for the application as soon as they release it.
- FAQ’s from Wells Fargo about the program.
Economic Injury Disaster Loans (EIDL) – Provides small businesses with working capital loans of up to $2 million
- Originated through the SBA , funds come directly from SBA, no banks are involved
- See overview from SBA here
- Apply here
- Eligible to apply for an EIDL advance of up to $10,000 at time of application
- Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.