Our neighbors the Columbus Urban League have been working hard to connect minority-owned businesses in Columbus to PPP loans to support them through this pandemic. In just the past two months, they have already helped connect many businesses to our support services, ensuring that businesses and jobs in our neighborhoods stay funded and healthy.
Our team reviewed applications, answered questions and helped ensure applicants were asking for the maximum amounts for which they were eligible. This teamwork with the Columbus Urban League has resulted in over $50,000 in forgivable loans coming back to our community. Our team will stay with these businesses through the process to help them achieve that full forgiveness.
Over the past year, Praxia Partners and Commodore Bank have helped 102 businesses access almost $3 million in forgivable loans — and have worked with our customers and the Small Business Administration to completely forgive 98% of the value of first round loans, a number that far exceeds the national number of 36%. We also continue to offer pro bono guidance and support to organizations working through the process with other lenders, and to other organizations with member businesses, such as the Area Agencies on Aging. The program’s latest guidance offers favorable guidance to sole proprietors and independent contractors. The deadline to apply is expected to be extended until May 31, but we’re encouraging businesses to apply sooner rather than later.
If businesses have any questions about loan eligibility, or requirements to receive forgiveness on the loan, we encourage you to send questions to firstname.lastname@example.org. Businesses who are ready to apply can apply directly to our partner bank’s website at commodorebank.com.