Community Advantage Recovery Loan Program (CARL)
Access COVID-19 relief loans along with free business and financial assistance with this unique loan program.
If you’re looking to revamp your operations and build financial resiliency in the wake of the COVID-19 crisis, the Community Advantage Recovery Loan (CARL) can help. If you qualify for the program, you’ll receive a loan of up to $250,000 plus a minimum of 15 hours of customized business and financial training at no cost to you.
Access this SBA program through Pursuit and you’ll work with a business advisory team with decades of experience coaching business owners to overcome hurdles and meet their goals. Your coaching plan will be customized to meet your needs and can include training on credit and financial management, marketing, recordkeeping, recovery strategies and more.
However, to take advantage of this program you need to act quickly. Per the current SBA timeline, loans must be approved by September 27, 2020 and fully disbursed by October 1.
COVID-19 relief funding
Free business support
CARL loan details
- Loan amounts: Up to $250,000 (loans are not forgiveable)
- Interest rate: Competitive, variable interest rates determined on a case-by-case basis
- Term: Maximum of 10 years
- Business support services: Receive a minimum of 15 hours of personalized training on credit and financial management, marketing, recordkeeping, recovery strategies and more
Will I qualify for CARL?
If you meet some or all of the following criteria, you are a good candidate for the program:
- You operate as a for-profit business in an underserved market as defined by SBA (When you inquire about the program, your loan officer will determine if you meet this requirement)
- You have positive historic or projected cash flow
- You have a fair to good personal credit score
How can I use my CARL loan?
You can use a CARL loan for almost any business expense. You can also combine multiple business expenses into one loan. Here are some ways that you can use the program:
- Upgrades required to meet COVID-19 reopening requirements
- Purchase owner-occupied commercial real estate
- Leasehold improvements or renovations
- Purchase of furniture, fixtures, and equipment
- Purchase of inventory
- Permanent working capital
- Business acquisition
- Debt refinance for any of the items listed above
The CARL loan program is administered by Pursuit CDC