COVID-19 options for small businesses and lenders
Community Business Lenders is a private non-bank, non-depository commercial lender and are not approved by SBA to issue loans through any of their programs. Although we are owned by and serve Iowa Credit Unions, I feel confident that I speak for all lenders, including banks, when I say everyone understands your pain and wants to help you during this time of need.
Since we are not able to issue these loans ourselves’ we are recommending:
1. Start with your current credit union or bank to see if they are processing these types of loans.
2. Review the attached list of all SBA approved lenders in Iowa and contact one or more of them.
3. Contact one of the following Fintech companies that operate nationwide and are accepting applications from non-current clients.
4. Consider applying for an Economic Injury Disaster Loan and Loan Advance. It is our understanding that you are guaranteed to receive $10,000 and this amount does not have to be repaid. You can simply apply directly with SBA at https://www.sba.gov/page/disaster-loan-applications
updated April 23, 2020