by: Alisa Nelson, Missouri Net
The U.S. Small Business Administration has approved Missouri’s request for assistance through the federal agency’s disaster loan program. In a press release, the Missouri Department of Economic Development says the move makes low interest disaster loans available to small businesses and private non-profits severely impacted by the coronavirus.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for each affected small business or non-profit. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Here’s the process for accessing SBA’s Coronavirus Disaster Relief Lending:
•The Economic Injury Disaster Loan assistance declaration issued by the SBA today makes loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by COVID-19.
•Applicants will be able to apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
•SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.
•Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75% for small businesses. The interest rate for private non-profit organizations is 2.75%.
•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.
•The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020.