The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic loss as a result of COVID-19.
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the COVID-19. The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent.
SBA offers loans with long-term repayments in order to keep payments affordable – up to a maximum of 30 years – and are available to entities without the financial ability to offset the adverse impact without hardship.
Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. For complete details on SBA, visit sba.gov.
SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process at 1-800-659-2955.