Low-interest disaster loans are available to small businesses and private non-profits severely affected by the pandemic.
If eligible, a business or non-profit that submits a viable application could be approved for a loan of up to $2 million. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
How to Apply
Applicants can apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/
- Eligibility for Economic Injury Disaster Loans is based on the financial impact of the pandemic. The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent.
- Record-keeping is important. You will need to document the financial impact of this disaster on your business. For more detail about forms and information applicants will need to submit, visit the Springfield Area Chamber of Commerce website.
- SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and 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 at SBA.gov/Disaster.
We are grateful to Governor Mike Parson, the Missouri Department of Economic Development, our Southwest Missouri legislative delegation and Missouri’s Congressional delegation for mobilizing so quickly in support of this request for coronavirus impact disaster assistance.
Thank you to the Springfield Area Chamber of Commerce for this information!