Small Business Administration Offering Low-interest Federal Disaster Loans
Here's some good news for local businesses in the wake of not so good news that we've been dealing with over the past couple of weeks.
The U.S. Small Business Administration is now offering to small business, low-interest federal disaster loans who are substantial economic loss as a result of COVID-19.
You can apply online at SBA or call their customer service center at 1-800-659-2955.
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
For more information, check out the SBA website.