BOSTON — In response to the COVID-19 pandemic, the U.S. Small Business Administration (SBA) has developed a new, temporary loan product called Community Advantage Recovery Loans (CARL) for eligible lenders to provide technical and financial assistance to support small businesses located in underserved areas.
The SBA issued a document in the Federal Register, providing specific requirements for Community Advantage Recovery Loans. In addition to getting funded, the underserved small businesses will also receive technical assistance to build financial resiliency against future business disruptions.
“We are excited that Western Massachusetts will have access through Common Capital to the new CARL program, together with traditional Community Advantage and SBA microloans to help with continued recovery in the region,” District Director Bob Nelson said.
Community Advantage Recovery Loans can be approved through Sept. 27 and must be fully disbursed no later than Oct. 1. The CARL Participant Guide is available on SBA’s website and outlines all other loan terms and conditions.
“Common Capital appreciates the opportunity to participate in this new program, which will help us increase the flow of loan capital to underserved businesses in Western Massachusetts,” Common Capital President Raymond Lanza-Weil said. “Combined with our existing SBA loan programs, we look forward to expanding our assistance to businesses that have a concrete plan for adapting to the COVID-19 economy.”