The United States Small Business Administration (SBA) is currently offering low interest, long-term disaster loans to businesses of all sizes in the state of Indiana. The three step process gives applicants an option to find an affordable way to weather current conditions while business is shut down due to the Covid-19 virus.
Loans may be accessed through an online process at disasterloan.sba.gov/ela. Loans are available for up to $2 million for Economic Injury for small business and small agricultural cooperative. SBA can also be accessed through a phone call at (800) 659-2955
Once the online application is completed, SBA will review the applicant’s credit before conducting an inspection to verify losses. SBA will estimate the total physical loss and determine the applicants’ eligibility. SBA hopes to complete all applications within two to three weeks. The final step allots the applicant $25,000 for economic injury, or working capital. A case manager will be assigned to each individual applicant.
Please contact your bankers for more guidance on these particular SBA loans and grants to see if this is a fit for you.
For more information on SBA’s loans at low interest rates, click on the following files:
COVID-19 EIDL- Step-by-step Online Instructions