SBA Loan Assistance
SBA Disaster Loans - NOW AVAILABLE
In response to the COVID-19 crisis, the Small Business Administration’s (SBA) SBA Disaster Loans are now available to impacted businesses in Ohio as of 3/19/20. These loans are available to small businesses, including certain non-profits. Review this in-depth presentation about the eligibility guidelines, application and three-step approval process.
Unlike typical SBA loans, which are secured through a private financial institution, SBA Disaster Loans are applied for and funded directly through the SBA. The loans are for working capital up to $2 million based on established expenditures for a specific time horizon at 3.75% interest rate for businesses. Repayment terms are up to 30 years and there is an automatic 4-month deferral on loan payments. This one-page summary of the SBA Disaster Loan Program provides additional details.
Defer Payment on Existing SBA Loans
The SBA issued a memo on 3/10/20 advising SBA lenders to work with existing borrowers to offer deferments of current 7(a) and 504 business loans and microloans for up to six months. Current SBA borrowers are advised to contact their lenders to discuss possible deferments of existing debt.
Specific questions regarding the SBA Disaster Loans and other SBA support can be directed to the SBA Cleveland Office at 216-522-4180.