sba economic injury disaster loan (eidl) · 30/3/2020 · eidl • loans up to $2 million • 3.75...
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SBA Economic Injury Disaster Loan (EIDL)
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EIDL
• Loans up to $2 million• 3.75 for small businesses• 2.75 for non-profits• 30-year term• First payment due on 11th month• Interest accrues on received funds
Economic Injury Disaster Loans (EIDL)
Available to:
• Small Businesses• Private non-profit organizations
Approval requirements:
• Acceptable credit history• SBA must determine that the business has the ability to repay• Business must be physically located in the disaster declared county
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What can funds be used for?
• Fixed Debts• Payroll• Accounts Payable• Any bills that could have been paid had the disaster not occurred
They can’t be used to:
• Replace lost sales or profits• Expansion projects
Collateral Requirements:
• EIDL over $25,000 require collateral
• SBA takes real estate as collateral when it’s available
• SBA will NOT decline a loan for lack of collateral but will require borrowers to pledge what is available
No Cost to apply
No obligation to take loan if offered
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