SBA’s Economic Disaster Loan Information
- Eligibility – Any small business operating in an eligible business allowed by the SBA and most non-profits that do not have available credit elsewhere
- Qualifications – Good credit history; Can demonstrate the ability to repay loans; Can prove eligibility for economic loss
- Loan $ Amount - up to $2M based upon the size and type of your business
- Repayment Terms – 3.75% interest rate with terms up to 30 years
- Allowed Use of Funds – fixed debts, payroll, and accounts payable. These loans are NOT designed to replace lost sales or profits
- Collateral – Loans over $25,000 require the business and real estate, if available
- Application Filing Requirements – Complete SBA loan application form; IRS Form 4507T from all owners and affiliate companies; Most recent federal tax return; Debt schedule (SBA form 2202) and a personal financial statement (SBA form 413) for all owners. Additional information may be requested.
You can receive Free Assistance at the following SBA partners:
- Small Business Development Centers (SBDC)
- Women’s Business Centers (WBC)
- Veterans Business Outreach Centers
- Local Chambers of Commerce.