Ohio small businesses are now eligible for the SBA’s Economic Injury Disaster Loans. The U.S. Small Business Administration has announced it is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of COVID-19. Small business owners in the designated states and contiguous states and counties are eligible to apply. The SBA will work directly with state Governors to provide working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Below are the details for Ohio and contiguous states:
- Low-interest loans of up to $2 million are available for small businesses and private nonprofits.
- Loans may be used to pay fixed debts, payroll, accounts payable and other bills and have repayment options of up to 30 years.
- Interest rates are 3.75% for small businesses and 2.75% for private nonprofits.
The SBA is maintaining current declared COVID-19 disaster areas. The SBA has provided a step-by-step guide to help businesses with filling out the application. Click HERE to apply.
If you are considering whether this emergency loan program might benefit your business, please contact your BMF advisor to discuss your unique situation.
Visit our COVID-19 Resource Center for the latest updates and resources for you and your business.
