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Emergency Financing From the SBA
Mar 24, 2020
The Small Business Administration (SBA) has an Economic Injury Disaster Loan program available as a result of official disaster declarations resulting from the Coronavirus spread. The application process has now opened for these loans.
The purpose of these loans is to keep businesses “in business” by covering losses incurred as a result of Coronavirus. Loan proceeds can be used for working capital, accounts payable and even to make payments on existing term debt. Key elements of the loan include a fixed interest rate of 3.75%, 30-year term, no payments for the first 11 months of the loan and no prepayment penalty.
The loan is obtained directly from the SBA – a third party lender such as a bank is not involved in the process. There are no application fees and there is no requirement to take the loan if it approved.
There are other qualification requirements which can be found in an in-depth article at this link:
SBA Economic Injury Disaster Loan Program
We urge you to consider an application for this loan program if you meet the qualifications.
We are familiar with the process and can assist you with the application. If you need help, please contact Diane Glover at (513)858-6040 for additional information.
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