The U.S. Small Business Administration approved Missouri’s request for assistance through the federal agency’s disaster loan program. This move makes low interest disaster loans available to small businesses and private non-profits severely impacted by the Coronavirus (COVID-19).
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for each affected small business or non-profit. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Process for Accessing SBA’s Coronavirus (COVID-19) Disaster Relief Lending
- The Economic Injury Disaster Loan assistance declaration issued by the SBA today makes loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).
- SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.
- Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent.
- SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
- The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020.
For additional information, please visit the SBA disaster assistance website.
Read the SBA press release announcing disaster assistance for Missouri.