Throughout the COVID-19 economic crisis, many CDFIs helped create and manage regional, state, and local recovery funds designed to make small business loans more accessible to small business owners. These economic recovery funds involve convening public, private, and nonprofit lenders to address the specific needs of their small business communities and the business owners who need help on the road to recovery.
CRF is part of the development, creation, and launch of several recovery funds. Unlike the Paycheck Protection Program (PPP), these recovery funds provide long-term recovery-based financing for small businesses and nonprofits affected by the COVID-19 pandemic. With continued uncertainty and rising challenges, small business owners can seek assistance from recovery programs to support their business.