Loans & Grants for Businesses
U.S. Small Business Administration
For all current SBA COVID-19 Relief Options for businesses, visit this page.
SBA Economic Injury Disaster Loan (EIDL)
The EIDL program offers low interest federal disaster loans for working capital. Specifically, EIDL Advance provides up to $10,000 ($1,000 per employee) as an emergency grant that does not have to be repaid. Click here for more information and to apply for a loan.
Paycheck Protection Program (PPP) Extended to May 31, 2021
Businesses may apply for a new initial PPP Loan or take a PPP “Second Draw.” Please visit the SBA’s Paycheck Protection Program Website for additional supplemental materials and regularly updated information. Please also contact your lender for more information.
Restaurant Relief Fund (RRF)
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023. The application portal opens on Monday, May 3 at Noon. Click here for more information.
SBA Debt Relief
SBA offers debt relief to existing SBA loan borrowers whose businesses have been impacted by COVID-19. To learn more about this opportunity, click here.
Additional Private Grant and Loan Options
- Economic and Community Development Institute (ECDI) is an approved PPP lender. Click here for more information.
- KIVA Cleveland has increased their loan capacity and added a 6-month grace period on payments. Apply here.
- Honeycomb Credit is offering to float possible SBA loans. Loans are crowdfunded and launch in as quickly as 3-4 days.
- Growth Capital SBA Community Advantage Loan Program: As part of the Goldman Sachs 10,000 Small Businesses program, businesses can take out maximum loans of $250,000 with interest up to Prime + 6%. Eligible uses of loan proceeds include: fixed assets (real estate must be 51 percent owner-occupied), leasehold improvements, receivables financing, working capital and debt refinancing. Eligible borrowers are manufacturing, distribution, wholesale, commerce or service for-profit businesses.