Emergency Relief Loan Program Increased to $50,000
February 11, 2021
(WILMINGTON, DE) — As the COVID-19 crisis continues, small businesses that are fighting to stay afloat, now have access to a new emergency relief fund created by True Access Capital.
True Access Capital, a Delaware-based, not-for-profit, federally certified Community Development Financial Institution, has launched the Small Business Relief and Recovery Loan and Grant Program to support businesses that have struggled, as a result of COVID-19.
Small businesses that were unable to take advantage of Federal and State relief funds and have experienced closure or reduced revenues, as a result of COVID-19, are encouraged to apply.
True Access Capital’s emergency funds include a low-interest loan, up to $50,000, with interest and principal payments deferred for the first six to twelve months. While funds are available, each business that receives a loan will also receive a $5,000 grant.
“Many small businesses, particularly minority- and women-owned businesses, were not able to take advantage of Federal or State relief programs,” said Vandell Hampton Jr,, President & CEO of True Access Capital. “We created this loan fund in order to fill the gap. We want to help those small businesses that were missed.”
The loans may be used to support operating expenses; retool existing operations, such as dine-in restaurants shifting to takeout or delivery; and to relaunch or reopen, following a temporary closure.
“This program would not have been possible without the support of our funders, Bank of America, Delmarva Power, WSFS Bank and Barclays”, noted Hampton. “The pandemic crisis is going to be with us for a while, so we wanted to help the businesses that need us the most.”
To apply for funding through the Emergency Relief/Recovery Loan and Grant Program, business owners should contact True Access Capital at (302) 652-6774 x 113 or by email at firstname.lastname@example.org.
About True Access Capital: True Access Capital is a not-for-profit, federally certified, Community Development Financial Institution (CDFI) based in the City of Wilmington that supports small and micro-businesses. Our mission is to educate, empower, and elevate business owners and entrepreneurs by augmenting technical expertise, increasing access to capital and stimulating business growth throughout Delaware and southeastern Pennsylvania.