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COVID 19 Small Business Stimulus

  Application Filing Deadline: December 18, 2020


Disaster Loan Assistance Available:


Economic Injury Disaster Loans (EIDLs) – Working capital loans to help small businesses, small agricultural cooperatives, small
businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial
obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery
period.

Credit Requirements:
Credit History – Applicants must have a credit history acceptable to SBA.  ( The SBA's does not have a credit score requirement.  However, their average approval credit score 620 and above.)  Credit Score below 620?  ( we have resources to assist you with your credit)


Repayment – Applicants must show the ability to repay the loan. 


Collateral – Collateral is required for all EIDL loans over $25,000. SBA takes real estate as collateral when it is available.
SBA will not decline a loan for lack of collateral, but SBA will require the borrower to pledge collateral that is available.


Interest Rates:
The interest rate is determined by formulas set by law and is fixed for the life of the loan. The maximum interest rate for this program is
3.750 percent.


Loan Terms:
The law authorizes loan terms up to a maximum of 30 years. SBA will determine an appropriate installment payment based on the
financial condition of each borrower, which in turn will determine the loan term.


Loan Amount Limit:
The law limits EIDLs to $2,000,000 for alleviating economic injury caused by the disaster. The actual amount of each loan is limited to
the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administrative lending limit.
SBA also considers potential contributions that are available from the business and/or its owner(s) or affiliates. If a business is a major
source of employment, SBA has the authority to waive the $2,000,000 statutory limit.


Loan Eligibility Restrictions:
Noncompliance – Applicants who have not complied with the terms of previous SBA loans may not be eligible. This includes borrowers
who did not maintain required flood insurance and/or hazard insurance on previous SBA loans.


Note: Loan applicants should check with agencies / organizations administering any grant or other assistance program under this
declaration to determine how an approval of SBA disaster loan might affect their eligibility.


Refinancing:
Economic injury disaster loans cannot be used to refinance long term debts.
 

Application Assistance

 We recognize that the SBA loan process is sometimes intimidating, that is why we are here to help.  



Increase your chances of getting approved by having a professional commercial loan officer prepare your loan package. In addition we will pre-underwrite every loan package before submission to the SBA.