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SBA Loans for Small Businesses Impacted by The Crisis

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SBA Loans for Small Businesses Impacted by The Crisis

Request a Quote

Financial assistance is available for small businesses to help increase cash flow during the pandemic and resulting economic crisis.

 

WHAT HELP IS THERE?

  • The SBA Economic Injury Disaster Loan (EIDL) program provides low-interest loans up to $10M to businesses and private non-profits.
  • EIDLs may be used to pay fixed debts, payroll, accounts payable, and other bills. 
  • The interest rate is 3.75% for small businesses and 2.75% for non-profits.
  • Long-term repayment options up to 30 years are available.
  • Terms are determined on a case-by-case basis based on the borrower’s ability to repay.

IS MY COMPANY ELIGIBLE? 

 

  • Underwriting is more lenient than typical SBA programs.
  • No minimum credit score is required.
  • Your company must be able to prove that it would have been able to repay the EIDL, had its business continued without the crisis happening.
  • Your company must have suffered working capital losses during this economic crisis.

HOW DO I APPLY

 

As with everything relating to this pandemic, things are changing rapidly. For updates on financial assistance that is available to small businesses, please visit www.sba.gov.

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