Small Businesses Have Been There for Us.
Let’s Be There for Them.

This pandemic presents unprecedented challenges, together we can help address this crisis.

This page highlights ways you can help today.

“20%, even 30% of small businesses could fail even in a good scenario.”

Karen MillsFormer head of the Small Business Administration
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CDFIs: Responsive Local Lenders

Most small businesses are desperately low on cash and need capital to stave layoffs and avoid defaults. The recently passed federal aid programs will provide significant support, but that capital may not reach businesses for weeks, if not months. CDFIs are local lenders that know their communities and are well equipped to rapidly meet the individual needs of small firms. It is paramount that we support these local lenders to save the small business while funds from government programs make their way to small businesses.

CDFIs are in critical need of investment, grant, and other flexible capital to meet the support the unprecedented capital needs of small businesses. Below are two ways you can support small businesses through proven CDFIs, right now.

CNote has created the Rapid Response Fund to quickly deploy patient loan capital to CDFIs so they can fill this critical lending gap until federal and state aid is implemented. For more details on the fund, click below.

Find your local CDFI and connect with them to make a grant (charitable contribution) to bolster your local small business recovery efforts.
Make a Donation
Make a patient, 1% loan to support your local small business community through CNote’s Rapid Response Fund.
Make a Patient Loan
The Growing Crisis

A Global Pandemic

COVID-19 is the disease, SARS-CoV-2 is the virus behind this growing pandemic.

This pandemic has had a massive human impact with hundreds of thousands infected and tens of thousands of deaths.

Sadly, these numbers continue to grow at a rapid pace.

In response to this fast-moving pandemic, countries, regions, and cities are issuing shelter in place and quarantine orders. These necessary actions prevent the interaction of people and work to slow the spread of this deadly virus, which is the global priority. It is critical the appropriate steps are taken to address this massive medical challenge first and foremost.

Essential steps to resolve the global health crisis have serious implications for general welfare and economy. As long as the threat of widespread transmission persists, economic activity will take an immense hit, too.

For more information about the virus, including how to prevent its spread please visit the following websites:

The Economic Fallout

Small Business Impact

The medical crisis and the measures to prevent its spread have a significant economic impact as well.

Small businesses typically have just around 27 days in cash. Restaurants have even less, with 17 days of cash on average. With no customers, these firms are running out of funds to meet liabilities and fixed costs.

If these firms run out of cash, they are likely to fold.

As a result, businesses are laying off employees in record numbers.

Further, we know that low-income communities, minorities and under-served communities are disproportionately impacted by crises like this. Supporting these communities to prevent further damage is critical.

Supporting Small Businesses

Community Lenders: Providing Small Businesses a Lifeline

We know that most small businesses only have cash to cover 17-45 days’ worth of expenses.

We also know that state and federal grant, lending and aid programs can take weeks, if not months, to implement and deploy.

Small businesses need support now.

CDFIs have a proven history of responding to disasters of all types and being lenders of last resort during recessionary periods when conventional banks retrenched. Today, CDFIs are working with small businesses across the country to fill the growing capital gap small firms face in light of this pandemic.

Now, more than ever, the work CDFIs do is critical to saving small businesses and protecting our economy.

We must direct more capital to these lenders (CDFIs) that have proven durable and aligned with the communities they serve.

Resources

Additional Resources

Below you’ll find resources for small businesses, including business relief programs, special CDFI relief funds, and local initiatives.