We have good news to share with business owners in this challenging time. We have received the following information from our strategic partner - Cadence Bank, that business owners can now receive additional funding.
The U.S. Small Business Administration on March 12th, 2020, announced plans to provide targeted, low-interest disaster recovery loans to small businesses affected by coronavirus (COVID-19). Unlike typical SBA-backed loans, these loans will come directly from the U.S. Treasury.
This SBA presentation provides helpful information about who qualifies, loan criteria, terms and conditions (including how much you can borrow and how funds may be used), and how to apply.
Applicants should apply directly to the SBA's Disaster Assistance Program, not through a bank.
Here are some advantages:
There is no cost to apply.
There is no obligation to take the loan if offered.
The maximum unsecured loan amount is $25,000.
Applicants with an existing SBA Economic Injury Disaster Loan (EIDL) can still qualify for an EIDL for this disaster, but the loans cannot be consolidated.
Applicants can visit the SBA Disaster Loan Application Portal to learn more and get started. We encourage all small businesses to apply early.