The U.S. Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
We can assist you with the application process to make sure you get the maximum loan amount possible.
What businesses are eligible to apply?
Receive (or working capital loans) are available to small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations
This includes:
• Businesses directly affected by the disaster
• Businesses that offer services directly related to the businesses in the declaration
• Other businesses indirectly related the industry that are likely to be harmed by losses in their community (Example: Manufacturer of widgets may be eligible as well as the wholesaler and retailer of the product.
You’ll Need to Act FAST!!
These loans will be…
• competitive
• strict on the quality of financial information
• gone soon so you have to act fast
• easier to get early, harder to get later
What is the criteria for loan approval?
Credit History
Applicants must have a credit history acceptable to SBA.
Repayment
SBA must determine that the applicant’s business has the ability to repay the SBA loan.
Eligibility
The applicant business must be physically located in a declared county and suffered working capital losses due to the declared disaster, not due to a downturn in the economy or other reasons.
How do you apply?
Well, there’s a lot to do. You will need…
1. Most recent Federal income tax returns
2. Personal Financial Statement
3. Schedule of Liabilities listing all fixed debts
4. You Fill out All SBA Paperwork
5. Year-end profit-and-loss statement and balance sheet for that tax year
6. A current year-to-date profit-and-loss statement
7. Monthly sales figures for increases in the amount of economic injury
Let's Get Started
Have questions or need help gathering all of the proper documentation needed to submit your application? Schedule a call at your convenience by clicking the button below.