Community Development Financial Institutions (CDFIs) are Helping Ohio Rebuild After COVID-19

CDFIs are proven “financial first responders.” We are experienced non-profit financial lenders dedicated to supporting small businesses and non-profits, and stabilizing communities. We are scrappy and were already well-versed at getting unconventional deals done.

In 2020, CDFIs in Ohio quickly responded to the COVID-19 crisis by processing millions of dollars in Paycheck Protection Program (PPP) loans, and offering intensive technical assistance to businesses applying for PPP loans and Restaurant Revitalization Fund support. We restructured loans and provided forbearance to borrowers, created new loan and technical assistance products to help clients withstand the crisis, and issued grants.

Today we are continuing to help Ohio’s small businesses, non-profits, and catalytic real estate projects recover from the pandemic by:

• Providing business coaching and on-line learning for borrowers via video conferencing, borrowable laptops, and thumb drives

• Continuing to defer interest payments for select borrowers

• Continuing to restructure loans for impacted borrowers

  Developing flexible tools and underwriting criteria to respond to borrower and community needs

• Working with new borrowers to address challenges brought on by the pandemic

• Deploying new grants and forgivable loan products to help small businesses withstand the crisis

• Closing loans in a virtual format to keep all parties safe

• Partnering with neighborhood groups to administer funds for several small business rescue initiatives

• Providing working capital to non-profits

If the COVID-crisis has impacted your business or community, we may be able to help you stabilize by offering reasonably-priced, flexible financing, and customized technical assistance.

If you are interested in learning more about how CDFIs can help your business or your community, please contact aclapper@greaterohio.org.