In response to the novel coronavirus, COVID-19, outbreak and public health emergency, the U.S. Small Business Administration has approved disaster loans as a financing option for small businesses.
On Thursday, March 19, Loudoun County businesses became eligible for these low-interest, long-term disaster loans. SBA disaster loans offer an affordable way for businesses to recover from declared disasters.
The application process is as follows:
Apply through a three-step process:
1) online: disasterloan.sba.gov/ela
2) in-person at a disaster center;
3) by mail.
Eligible businesses may borrow up to $2 million for physical damage or economic injury.
After applying and providing the necessary paperwork to justify the loan, the SBA will verify your provided information and make a decision on the loan.
Once the loan is closed and funds are disbursed, recipients will be assigned a case manager from the SBA. Loans may be adjusted after closing due to changing circumstances, such as increasing the loan for unexpected repair costs or reducing the loan due to additional insurance proceeds.
For more information and to apply for an SBA loan, please visit this website: https://disasterloan.sba.gov/ela/