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What Can an SBA Disaster Relief Loan Do For My Business?
SBA’s Economic Injury Disaster Loans for COVID-19 offer up to $2 million in assistance for small businesses to combat the temporary loss of revenue due to the Coronavirus pandemic. These loans may be used to pay eligible expenses that cannot be paid due to the disaster’s impact by providing long-term, affordable repayments over a maximum of 30 years.
How to Get an SBA COVID-19 Relief Loan
Credibly and Regions bank have teamed up to help deliver SBA COVID-19 Relief Loans to small businesses nationwide. Follow the instructions below to get started.
FAQs About SBA Coronavirus Relief Loans
What are the rates and terms associated with COVID-19 Relief Loans?
The interest rate is 3.75% for small businesses and the interest rate for non-profits is 2.75%. Terms are a maximum of 30 years and are decided on a case by case basis, based upon a borrower’s ability to repay the loan.
What can I use SBA Coronavirus Relief Loans for?
SBA Relief COVID-19 Relief Loans are designed to provide vital economic support to small businesses and help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
Is my area eligible for SBA Coronavirus Relief Loans?
SBA Relief Loans for the Coronavirus pandemic are made available based on declaration of your area. Credibly’s Business Consultants are available to help you understand if you meet the eligibility requirements and prepare your application.
Subject to approval.