SBA Disaster Assistance Information for Small Businesses
My local Chamber of Commerce sent out some information that I thought might be helpful for you during these exceptional times.
Here in Ohio, the U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
I have to think these resources are available in many locations right now, not just here in Ohio. Check with your local SBA office and/or Small Business Development Center (SBDC) to be sure.
Here’s a recap of the program highlights:
* Loans up to $2 million
* Interest rate 3.73% fixed for small businesses, 2.75% fixed for non-profits
* Repayment terms up to 30 years
* 4 month repayment deferment
*Loans up to $25,000 require no collateral. Over $25,000 the SBA will seek collateral in most cases
*If loan request is over $25,000 but business needs emergency funding, up to $25,000 can be disbursed while waiting for collateral filings
*This is not a grant nor are there grants available
The SBA strongly encourages applicants to use the online forms. This application is open to small businesses and private non-profits only.
Here is a link to the various PDF files you can use that provide a lot more background and various templates you can use to prepare if you are going to apply.
Stay safe. We’ll get through this….