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SBA Economic Injury Disaster Loans now open for Ohio Small Businesses

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Thanks to a concerted effort by our partners throughout the state, Ohio small business can now apply for SBA Economic Injury Disaster Loans (EIDL).
 
What’s an EIDL?
  • The SBA EIDL program can provide low-interest loans of up to $2M to businesses and private non-profits.
  • EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills.
  • The interest rate is 3.75% for small businesses without credit available elsewhere. The interest rate for non-profits is 2.75%.
  • EIDLs have long-term repayment options, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based on borrower’s ability to repay.
How do I apply?

A Few Good Tips:

  • To apply online, businesses will be required to set-up a user account. Those wishing to create an account should visit https://disasterloan.sba.gov/ela/Account/Register1
  • To expedite the application process, gather your paperwork first!
    • Applicants should have ready complete copies of their most recent federal income tax return and a completed and signed IRS Form 4506T, which authorizes the release of tax information.
    • Additional information to have available would be a schedule of liabilities, personal financial statement, monthly sales figures, a current year-to-date profit-and-loss statement, and a year-end profit-and-loss statement and balance sheet for that tax year if the most recent federal income tax return has not been filed.
    • Here is a link to download  all paper forms. https://disasterloan.gov/ela/Information/PaperForms
  • If you can’t get online to apply, or it’s incredibly slow, try logging in during off hours: 7pm-7am.
  • Banks or professional institution may seek compensation for assisting business owners with EIDL application.
    • Must complete SBA agent compensation form
    • $2,500 per application is maximum reasonable fee per SBA

Timeline for Closing

    • Loan application will be approved/denied within 21 days
    • Legal Department will prepare closing documents
      • Once completed closing documents will be sent to business owner for review
    • Business owner has 60 days to accept and execute loan documents
    • Funds will be disbursed within 3-5 business days from receipt of executed loan documents