Here is a brief overview of the SBA Economic Injury Disaster Loan.
· Credit score of 650 and higher.
· Determination you can repay the loan.
· County or State must have been declared a disaster area.
Characteristics of the loan
· 3.75 Interest rate for small businesses. 2.75 for non-profit organizations.
· $2 million dollar cap on loan amount.
· Up to 30-year term.
How the amount of your loan is determined.
· 2019 Gross profits ÷2
What do I need to apply?
· Projection of sales for the next 3-6 months.
· Projection of business expenses for the next 3-6 months, including (Long-term debt payments, Accounts payable, Inventory, Payroll).
· Amount of estimated loss.
Where do I apply?
· Visit the SBA Disaster website (it is best to do this in off peak hours).