The EIDL is available to those who qualify both nonprofits and for profit businesses. They have a low interest rate with a max rate of 4%.
In addition to the SBA EIDL program, other SBA loans that may be able to support you now. SBA loan providers can be found at many local banks. If you need assistance connecting to a SBA loan officer check out Lender Match is an SBA site to introduce applicants with SBA lending partners utilizing our regular loan products.
Do you currently have an SBA loan?
Did you know you can apply for a 90-day payment deferral? Reach out to your lender who helped you secure the SBA loan to obtain the correct forms. Through SBA’s regular policies, SBA participating lenders have some servicing flexibilities where they may be able to work with you on payment deferments, loan modifications, etc.
In addition to traditional commercial lenders, the SBA has micro-lending partners where loans offered range from $500 to $50,000. SBA provides funding to these organizations who then re-lend this money to qualified small businesses.
The microloan program may be a fit for relatively small financing needs or in instances where a loan applicant is having difficulty obtaining financing from a traditional lender. The active SBA micro-lenders in the area include Business Impact Northwest, Ventures and MercyCorps Northwest.
SBA-Related Links To Explore