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Small Business Admin. Disaster Assistance Loans

Post Date:03/23/2020 11:33 AM

Small Business Administration Disaster Assistance Loans

The U.S. Small Business Administration is offering designated states and territories (including Georgia) low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).

Fast Facts about SBA Disaster Assistance Loans:

  • SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
  • These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
  • The interest rate is 3.75% for small businesses.
  • The interest rate for non-profits is 2.75%.
  • SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible. For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

Visit SBA.gov/disaster for more information. Links to documents can also be found below. 

City of Locust Grove staff is available to assist with SBA Disaster Assistance loan applications. Please call Anna Ogg at 770-692-2320 or email aogg@locustgrove-ga.gov .

 

SBA Disaster Assistance Loan Fact Sheet 

 

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