Economic Injury Loans through the U.S. Small Business Administration

These loans are now available in New York State!

Following up on the economic impact that our local, regional and national economy is feeling from the outbreak of Coronavirus COVID-19.

Some good news for everyone to share with businesses looking for Economic Injury Loans through the U.S. Small Business Administration –These loans are now available in New York State!

A fact sheet containing more information is here. Some quick facts:

• These loans come directly from the federal government
• Business can apply for up to $2MM under the program
• The term on these loans is 30 years
• Payments are deferred for the first 12 months
• The interest rate to “for-profit businesses” is 3.75%; for non-profits that qualify it is 2.75%
• Loans up to $25,000 do not require collateral; over $25,000 the SBA prefers real estate but will take other collateral and collateral position does not matter
• Business will not be turned away for inadequate collateral

Additionally, our member business owners should ask their respective banks if they are eligible for a deferment of loan payments. Many banks are offering these options. These programs are intended to provide immediate relief for those feeling the impacts of COVID-19.