Has your business been impacted by the Coronavirus? If so, you might be eligible for an SBA Disaster Loan. Small businesses can borrow up to $2 Million. Thus providing you with temporary relief from the loss of revenue as a result of the Coronavirus.
Where Can I Obtain a Low-Interest Loan?
The U.S. Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster loans for working capital to businesses impacted by the Coronavirus. These loans are available to not only small companies but also private, non-profit organizations residing in a designated area of a state or territory.
What Can I Use The Loan Funds For?
You may use the proceeds from these loans to pay fixed debts, payroll, accounts payable, and other bills.
What is the Interest Rate?
The interest rate is 3.75% for small businesses without credit available elsewhere. If you can obtain a loan from somewhere, then you are not eligible for this program. The interest rate is lower for non-profits. The interest rate is 2.75%.
What is the length of the loan?
SBA offers loans with repayment terms up to a maximum of 30 years. SBA will determine the terms on a case by case basis depending on the borrower’s ability to repay the loan.
Where Can I Find Out More Information?
I would suggest that you reach out to SBA sooner rather than later. The sooner you reach out, the faster you will get your money.
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