SMALL BUSINESS ASSISTANCE

Small businesses in every U.S. state and territory can apply for a SBA low-interest Economic Injury Disaster Loan. These loans provide working capital of up to $2 million to help overcome temporary loss of revenue. The interest rate is 3.75% for small businesses with repayment of up to 30 years. Applicants are encouraged to apply online.

SBA also offers its traditional loan programs for working capital, fixed assets and more. It also has express loan and microloan programs. Detailed information on these loans and how to connect with a lender is available on its website. The SBA’s Lender Match is a free online tool to connect a business with participating SBA-approved lenders within 48 hours.

And SBA has small business development centers across the country that can help match businesses with resources.

The Federal Reserve says it expects to announce soon a Main Street Business Lending Program for small and mid-sized businesses that will complement SBA programs.

The Treasury Department partners with community banks and community development loan funds with its Small Business Lending Fund to encourage small-business lending. More than 300 institutions participate.

From Business Journal