SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations.

If you have already applied via the streamlined application portal, please do not resubmit your application.

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PURPOSE

To meet financial obligations and operating expenses that could have been met had the disaster not occurred

TERMS

  • 3.75% for businesses (fixed)

  • 2.75% for nonprofits (fixed)

  • 30 years

  • No pre-payment penalty or fees

USE OF PROCEEDS

Working capital & normal operating expenses

Example: continuation of health care benefits, rent, utilities, fixed debt payments.

COLLATERAL REQUIREMENTS

  • Required for loans over $25,000

  • SBA uses a general security agreement (UCC) designating business assets as collateral, e.g. machinery and equipment, furniture and fixtures, etc.

 

FORGIVABLE

  • NO – EIDL Loan

  • YES – EIDL Advance*

*Advance funds have been fully allocated and are not currently available

 

MATURITY

30 years

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