SBA Disaster Assistance Information for Small Businesses

 In Better Business Finances, Post

Hello Friends:

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.

To apply and for details directly from the SBA, visit their site here.

Stay safe. We’ll get through this….

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