Ohio Small Businesses Now Eligible for SBA Economic Injury Disaster Loans
Source: Small Business Administration, March 19, 2020
The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Thanks to a concerted effort by the state of Ohio and the U.S. Small Business Administration, Ohio small businesses are now eligible for SBA's Economic Injury Disaster Loans. Please see below for more information:
- Low-interest loans of up to $2 million are available for small businesses and private non-profits.
- Loans may be used to pay fixed debts, payroll, accounts payable and other bills and have repayment options of up to 30 years.
- Interest rates are 3.75% for small businesses and 2.75% for private non-profits.
- Need help filling out the application? Access these step-by-step instructions
SBA Resource Partners are ready to help with no-cost, one-on-one business counseling regarding COVID-19.