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How To Apply For A Disaster Loan From The US Small Business Administration If You Are A Small Business Owner

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Economic disaster loans of up to $ 2 million are available. The interest rate is 3.75% for small businesses and 2.75 for private non-profit organizations

CLEVELAND – Ohio has been accepted into the Federal Small Business Administration (SBA) program, offering low-interest federal disaster loans for working capital to small businesses in the state that are experiencing financial hardship. substantial economic losses due to the COVID-19 coronavirus.

At the request of Governor Mike DeWine, the SBA acted on its own authority, as provided for in the Supplementary Appropriations for Coronavirus Preparedness and Response Act recently signed by President Donald Trump, to declare a disaster and make this program available in Ohio.

The deadline to apply for an economic disaster loan is December 21, 2020, SBA administrator Jovita Carranza said on Friday.

“Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture businesses that have been financially affected as a direct result of the coronavirus (COVID-19) since January 31, 2020, may be eligible for an economic disaster. Loans of up to $ 2 million to help meet financial obligations and operating expenses that might have been covered had the disaster not occurred, ”Carranza said.

Eligibility for these economic disaster loans is based on the financial impact of the coronavirus (COVID-19) on each business that applies for it.

“These loans can be used to pay off fixed debts, salaries, accounts payable and other bills that cannot be paid due to the impact of the disaster. Disaster loans can provide vital economic aid to small businesses to help them overcome the temporary loss of income they suffer, ”Carranza said.

The interest rate is 3.75% for small businesses and 2.75 for private non-profit organizations.

SBA offers loans with long-term repayments to keep payments affordable, up to a maximum of 30 years, and are available to entities without the financial capacity to offset the negative impact without difficulty.

Applicants can apply online, receive additional information about disaster assistance, and download applications at disastreloan.sba.gov / ela.

Applicants can also call the SBA Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA Disaster Assistance.

People who are deaf or have difficulty hearing can call (800) 877-8339.

For those who prefer to submit an application on paper, the completed forms should be sent to:

US Small Business Administration, Disbursement and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

“The SBA is strongly committed to providing the most effective, customer-centric response possible to assist small businesses in Ohio with federal disaster loans,” Carranza said.

“We will be swift in our efforts to help these small businesses recover from the financial impacts of the coronavirus (COVID-19).”

The US SBA is the only resource and the only voice for small businesses backed by the strength of the federal government.

The organization’s mission is to give entrepreneurs and small business owners the resources and support they need to start, grow or grow their businesses, or recover from a declared disaster. It provides services through an extensive network of SBA field offices and partnerships with public and private organizations.

For more details on SBA, visit www.sba.gov.

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