SBA Economic Injury Disaster Loan (EIDL) Information

QUICK FACTS:

• Must be a disaster declaration for your State and County
• Loan interest rate is 3.75%
• Loans can total up to 2 million dollars
• Loan can be used for:
  1. Paying fixed debts
  2. Payroll
  3. Accounts payable
  4. Other bills that cannot be paid because of the disaster’s impact
• Maximum term is 30 Years
• No obligation to take a loan if offered
• No cost to apply

CRITERIA:

• Must have credit history acceptable to SBA (No further info available as to minimum score needed)
• Must demonstrate the ability to repay the SBA Loan
• Business must be physically located in a declared county and suffered working capital losses as a result of the disaster. (P.O. Box will not suffice, has to be physical address).
• Collateral requirements:
  1. Any loan over $25,000.00 requires collateral
  2. SBA will secure real estate as collateral when available
  3. SBA will not decline a loan for lack of sufficient collateral, but borrower(s) will still have to pledge what is available.

INELIGIBLE ENTITIES:

• Agricultural enterprises as defined in Section 18(b)(1) of the Small Business Act and their affiliates are not eligible.
• Religious organizations.
• Charitable organizations.
• Gambling concerns that derive more than 1/3 of revenue from legal gambling
• Casinos & Racetracks.

STRUGGLING TO GET STARTED?

The following documents are designed to help small businesses navigate all available COVID-19 resources pertaining to particular cirsumstances listed in the CARES Act.

• Small Business Provisions in Coronavirus Aid, Relief, and Economic Security (CARES) Act
• The Small Business Owner’s Guide to the CARES Act 

Finally, remember Business Impact NW, the Washington Women’s Business Center and the Region X Veterans Business Center are here to help in any way we can. You can find our classes and coaching services here.