Community Advantage Recovery Loan Program (CARL)
If you are looking for additional resources to move your business forward during the COVID-19 crisis, contact Pursuit about the Community Advantage Recovery Loan program (CARL). CARL is a unique program that provides up to $250,000 plus access to no-cost business support services.
However, to take advantage of this program you need to act quickly. Per the current SBA timeline, loans must be approved by September 27, 2020, and fully disbursed by October 1.
CARL loan details
- Loan amounts: Up to $250,000 (loans are not forgiveable)
- Interest rate: Prime + 4%, variable (currently 7.25%)
- Term: Maximum of 10 years
- Business support services: Receive a minimum of 15 hours of personalized training on credit and financial management, marketing, recordkeeping, recovery strategies and more
- You operate as a for-profit business in an underserved market as defined by SBA (When you inquire about the program, your loan officer will determine if you meet this requirement)
- You have positive historic or projected cash flow
- You have a fair to good personal credit score