SBA Disaster Loan Program
- This is a direct loan from the SBA, and is does not go thru a financial institution
- Called Economic Injury Disaster Loan (EIDL)
- Provides working capital to survive until normal operations can resume
- Provides working capital to survive until normal operations can resume
- Cannot be used to purchase assets
- Cannot be used to refinance existing debt
- For Small Businesses, Most Private Nonprofit Organizations and Small Ag Cooperatives
To Apply :
https://disasterloan.sba.gov/ela/Information/ApplyOnline
To qualify, you need to pass “Credit Elsewhere” Test :
If the small business has working capital funding available from an existing working capital line of credit or personal resources – credit is available elsewhere for the small business and may not qualify for the EIDL. The recommendation is to submit an application for determination.
Program Highlights
- Funding up to $2,000,000 – the SBA Advisor will determine the amount of the loan. Based on historical information provided by the small business owner
- Interest Rate – not to exceed 4.00%
- Term – not to exceed 30 years – determined by the ability to pay
>Each borrower and circumstance is different the SBA Loan Officer will determine the final outcome of each case
>Time is of the essence and many other companies are applying. complete SBA application/forms in full and provide your information quickly.
This can help your SBA Loan Officer respond to your case in a timely manner
SBA Disaster Loan Assistance – Contact Information
Call: 1-800-659-2955 (TTY: 1-800-877-8339) e-mail: disastercustomerservice@sba.gov.