Thanks to a concerted effort by our partners throughout the state, Ohio small business can now apply for SBA Economic Injury Disaster Loans (EIDL).
What’s an EIDL?
- The SBA EIDL program can provide low-interest loans of up to $2M to businesses and private non-profits.
- EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills.
- The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
- SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
How do I apply?
- Online at SBA.gov/disaster
- Need help? Access these step-by-step online instructions.
- Still need help? Call the SBA’s Disaster Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov. Individuals who are deaf or hard-of-hearing can call 800-877-8339.
If you have questions about applying contact Jon Kozesky at Jon@TallmadgeChamber.com.