SBA Disaster Loan Program
The Disaster Loan Program is administered by the Small Business Association (SBA) and can provide up to $2 million in loans to cover financial obligations that cannot be met as a result of COVID-19. While the program has existed since 1953 to provide capital to small businesses affected by disaster, given the universality of the pandemic, all 50 states have made available these Economic Injury Disaster Loans (EIDL) through the SBA’s Disaster Loan Program.
Small businesses can qualify for up to $2 million in loans at low-interest rates (3.75% for for-profit and 2.75% for non-profit businesses) with repayment options up to 30 years. General requirements to qualify include having a credit score, the ability to repay the loan, and collateral for EIDL loans over $25,000.
To learn more about specific requirements and guidelines for your state, you can find information on the SBA’s Disaster Loan Assistance page.