PURPOSE To meet financial obligations and operating expenses that could have been met had the disaster not occurred
LOAN AMOUNT For loans approved starting the week of April 6, 2021: 24-months of economic injury with a maximum loan amount of $500,000.
For loans approved prior to the week of April 6, 2021, see loan increases.
- 3.75% for businesses (fixed)
- 2.75% for nonprofits (fixed)
- 30 years
- No pre-payment penalty or fees
USE OF PROCEEDS Working capital and normal operating expenses
Example: continuation of health care benefits, rent, utilities, fixed debt payments.
- Required for loans over $25,000
- SBA uses a general security agreement (UCC) designating business assets as collateral, such as machinery and equipment, furniture and fixtures, etc.
- NO – EIDL Loan
- YES – EIDL Advance*
*Advance funds have been fully allocated and are not currently available
MATURITY 30 years
Please submit the following pre-qualification information.