Nonprofit Loan Company Helps Businesses Apply for Paycheck Protection Program Funds
COLUMBIA FALLS – A nonprofit loan program, the Missoula-based MoFi offers to help businesses struggling during the coronavirus apply for payment protection program funds.
Adam Trina is the owner of Montana Fly Company, a successful fly shop in Columbia Falls.
Trina started the business in 1998 after guiding fly fishing trips to Missoula.
He told MTN that being a seasonal business when the coronavirus hit, it hit the business very hard because it was just at the end of their business cycle.
With sales declining, he told MTN he had to make a tough decision. He had to lay off some of his staff.
“In fact, we had to fire some people in mid-March, like four out of five people,” he said. “So thirty percent of our staff were laid off for a few weeks until we figured out what was going on.”
With barely more resources, he discovered MoFi, a nonprofit loan program.
With help from MoFi, Trina told MTN she applied for the Paycheck Protection Program, a program designed to help small businesses navigate uncertainty during the virus.
MoFi chairman Dave Glaser said they’ve already helped hundreds of businesses like Trina’s across the state.
“We have made about twenty-two million PPP loans to about eight hundred companies,” Glaser said. “Average loan amount of about twenty-five thousand dollars. So we are really reaching out to some of the smaller businesses. The sole owners in particular. ”
Trina said she was approved for her P3 loan within twenty-four hours of submitting her application.
“It was a time of extreme uncertainty and it gave us the confidence that we knew our payroll was going to be covered for the next two and a half months, which is one of the tightest times,” said Trina.
Glaser wants every business owner struggling right now to have the funds to help your business.
“There are businesses in Flathead who thought I’m too small to get a PPP loan, or maybe they don’t have a good relationship with a bank or a credit union and I want them to know that we are available and here to help, ”Glaser said.
MoFi told MTN that there was about a month of paycheck protection program funds left.
To apply for a PPP loan through MoFi, please visit their website.