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
1) Application number should begin with “3”, ifnot, reapply under online application launched March 30th. https://covid19relief.sba.gov/#/
2) 800-659-2955(TTY: 1-800-877-8339) or email firstname.lastname@example.org. (Theyare now staffed 24/7, call late in evening so east coast done for night.)
3) Advances of $1,000 per employee are forgiven, up to $10K. Advances are starting to be funded.
4) Loans are being offered, most are for less than the firms are expecting, however there isn’t a $15k cap as being reported in the news. Several WA firms getting loans$90k, $145k, etc.
5) Non-profits are eligible, with some limitations for lobbying orgs, gaming >30% of revs, etc.
1) Commercial Lenders are the heroes of this program!!!! Lender capacity does change daily
2) Terms same regardless of lender used.
3) Lenders taking applications from organizations not currently banking with them:
· FinTEch – Kabbage, Intuit, Paypal, and Square
· WaFd, Celtic
SBA pays payment (principal and interest) for six months for existing 7a, 504, and microloans.
1) Business Impact NW
2) Mercy Corps NW
3) SNAP Financial Access
5) Rural Community Development Resources
· All regular SBA partners (SCORE, WBC, SBDC,VBOC)
· Minority Business Development Centers (MBDA)
· Community Non-profit Mission Partners
· For information about SBA resources for small businesses impacted by COVID-19: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan resources
· Subscribe@SBAPacificNW and @SBASeattle
· Washington state has a good site for local as well as federal resources at www.business.wa.gov
· Washington Employment Security https://esd.wa.gov/newsroom/covid-19