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.

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.

Everything you need to know to apply:

Where to apply:  https://disasterloan.sba.gov/ela/

Paper copy of application:

Due to high demand overloading their server, the SBA website to submit your application may not be working.  If this is the case, you may choose to download the paper application and submit via mail or fax.

 

 

SBA Disaster Relief Loans Website

Our Goals

  • Provide underserved food entrepreneurs the resources and connection they need to be successful throughout Washington State.
  • Maximize jobs created by and for those businesses
  • Reinforce the growth, profit, and value of each business

What You Can Gain

  • Support in creating a comprehensive business plan and financial projections
  • Understanding of your funding options
  • Help preparing loan packages and presentations for lenders and potential investors
  • Skills to help you manage business profitability
  • Help identifying business expansion options
  • Specialized resources and connections for food specific businesses

Total support. After 27 years in business, I now have the tools with their guidance on how to get my business out there to help so many people!

My counselor was so helpful with my cash-flow spreadsheet and business plan. She is following up with me and had lots of practical tips for small business help.

Good classes for business development at a variety of levels - great resources for entrepreneurs just starting out or those already well on their way.

It was great attending your presentation today. I learned a lot of new ways to look for funding and a new approach at finding funds to grow my business.

this is a grey bar

Launch Your Business

From idea, to plan, to business start,
let us help you launch your dream.

Grow Your Business

We work with you to take your
established business to the next level.

We work with you to secure funding
for your business to thrive

This is a grey bar

Business Impact NW Sustaining Sponsors

Scroll to top