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Non profit lending company helps businesses apply for Paycheck Protection Program funds

Posted at 5:40 PM, May 21, 2020
and last updated 2020-05-21 20:07:08-04

COLUMBIA FALLS — A non profit lending program, MoFi based in Missoula is offering to help businesses struggling during the coronavirus to apply for Payment Protection Program funds.

Adam Trina owns Montana Fly Company, a successful fly shop in Columbia Falls.

Trina started the company in 1998 after guiding fly fishing trips in Missoula.

He told MTN that being a seasonal business when coronavirus hit, it hit the company really hard as it was right at the end of their business cycle.

With sales going down he told MTN that he had to made a tough decision. He had to lay off a portion of his staff.

"We actually had to lay off some people in the middle of March, like four of five people," he said. "So, thirty percent of our staff was laid off for a couple of weeks 'til we figured out what was going on."

With barely any resources left, he found out about MoFi, a non profit lending program.

With the help of MoFi Trina explained to MTN that he applied for the Paycheck Protection Program, a program designed to help small businesses through the uncertainty during the virus.

MoFi President Dave Glaser says, they've already helped hundreds of businesses like Trina's around the state.

"We've made about twenty-two million in PPP loans to about eight hundred businesses," said Glaser. "Average loan size of roughly twenty-five thousand dollars. So, we're really reaching some of the smallest businesses. Sole proprietors in particular."

Trina said that he was approved for his PPP loan within twenty-four hours of submitting his application.

"It was a time of extreme uncertainty and this provided us certainty, that we knew that 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 who's struggling right now that there are funds available to help your business.

"There a businesses in the Flathead that thought oh I'm too small to get a PPP loan, or maybe they don't have a good relationship with a bank or credit union and I want them to know that we're available and here to help," said Glaser.

MoFi told MTN that there are approximately one month of Paycheck Protection Program funds left.

To apply for a PPP loan through MoFi please visit their website.