COVID-19 Relief
The TruFund COVID-19 Disaster Relief Loan provides working capital for small businesses affected by the COVID-19 crisis. These loans can be used for lease payments, rent, payroll, insurance, or any other fixed business cost.
Terms and Conditions
- Locations: Small businesses located in any of TruFund’s markets
- Amount: $5,000-75,000
- Loan Structure: Terms Loans
- Terms: Up to 5 years
- Interest Rate: 3%
- Application Fee: N/A
- Closing Fee: N/A
Eligibility
- Credit: Must have a FICO credit score of at least 600
- Minimum Debt-Service Coverage Ratio: 1.20x prior to disaster/crisis
- Repayment Terms: No payments for 9-12 months; P&I over remaining term of loan
- Business Requirements
- Business must be in operation on/prior to August 1, 2019 (6 months prior to COVID-19 crisis)
- Business must have experienced a revenue decrease of 15% or more as a result of COVID-19
- Business must be deemed viable based on a TruFund assessment and have a business plan of action for recovery
Additional requirements
Business must provide proof of disruption, such as:
- Proof business is closed
- Notification from state or government agency forcing shut down
- Cancellation of contract
- Hardship letter