INDIANAPOLIS (WTHR) — On Wednesday, the U.S. Small Business Administration announced low-interest federal disaster loans for small businesses who have suffered substantial economic injury as a result of COVID-19.
An online application is available here or by calling SBA's Customer Service Center at (800) 659-2955.
The disaster declaration makes SBA assistance available in the entire state of Indiana and several counties in adjoining states.
"SBA is strongly committed to providing the most effective and customer-focused response possible to assist Indiana small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus (COVID-19)," said Administrator Carranza.
"Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred," said Carranza.
The interest rate is 3.75 percent for small businesses. The interest rate for private nonprofit organizations is 2.75 percent with long-term repayment options to keep payments affordable.
The deadline to apply Dec. 18, 2020.
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