SBA’S ECONOMIC INJURY DISASTER LOANS
The U.S. Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster relief loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19)
How much may I borrow and what are the terms?- Up to $2,000,000
- Interest rates: 3.75% for small businesses; 2.75% for non-profits
- Terms: up to 30 years
- Use of funds: working capital loans used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits or for expansion
- Businesses must be physically located in a declared county and suffered working capital losses due to the declared disaster
Applicants may apply online https://disasterloan.sba.gov/ela Call SBA’s Customer Service Center at (800) 659-2955 Email disastercustomerservice@sba.gov Completed applications mailed: U.S. Small Business Administration Processing and Disbursement Center 14925 Kingsport Road Fort Worth, TX 76155
NOTE: Economic Injury Disaster Loans MUST BE APPLIED FOR DIRECTLY THROUGH THE SBA PLEASE CONTACT THE SBA TO APPLY
