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EIDL Eligibility

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.

Terms

  • 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.

Collateral Requirements

  • 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.

Forgivable

  • NO – EIDL Loan
  • YES – EIDL Advance*

*Advance funds have been fully allocated and are not currently available

MATURITY 30 years

How to Apply

Please submit the following pre-qualification information.

Apply Now EIDL

Is your business performance based? (music club, theater, etc.)
Business Address *
Business Address
City
State/Province
Zip/Postal
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