The Small Business Administration (SBA) is working directly with State Governments to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19) economic crisis.
The SBA is the government agency supporting small businesses, offering resources and a service that matches SBA–approved lenders with small businesses in need of financing when they can’t find financing elsewhere. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2million that can provide vital support to help overcome the temporary loss of revenue they are experiencing.
Due to the overwhelming need for assistance, the SBA website may be difficult to access at this time. For your convenience, we have made these forms available on our website. Feel free to download and complete as directed.
How to Apply for an SBA Disaster Loan
The SBA has set up a three-step process:
Under the SBA Economic Injury Disaster Loan Relief Program for Businesses
- this assistance is only available when the SBA determines a business cannot obtain credit elsewhere;
- the maximum loan amount is $2 million (if the business is a major source of employment, the SBA has authority to waive the $2 million cap);
- interest rates up to 4%, but provided they cannot obtain credit elsewhere, interest rate for businesses and small agriculture cooperatives is 3.75% and not-for-profit entities is 2.75%.
- Click here to access the SBA’s Three-Step Process which includes more detail.
- Click here for Frequently Asked Questions about the SBA Economic Injury Disaster Loan program.
- How does the SBA define “small business”? Click here for definitions by NAICS Industry Description