Lending direct from SBA, Apply with SBA​

• Small Businesses (< 500 employees), including franchises

• 501c Nonprofits (Types: 3, 4, 6, 7, & 19 only)

• Sole Proprietors; Self-Employed; Contractors

• Credit Score Satisfactory

• In business on 1/1/2020

• For loans > $25,000, some collateral is required, but not necessarily in value equivalent to amount borrowed

Based on the borrower's "economic injury" (ordinary & necessary expenses borrower is unable to pay due to coronavirus impact).

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Maximum loan is $2 million.

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At borrower's request, a grant of up to $10,000 is provided by the SBA within 3 business days of loan application receipt. Approval or Denial of the loan has no bearing on receipt of this grant money, which does not have to be repaid. 

Maximum Interest Rate: 4.00

Expected/Typical:

     Businesses-  3.75

     Non-profits-   2.75

Terms vary / case-by-case

Maximum Term: 30 Years

• No Personal Guarantees

• No Collateral for loans < $25,000

• Some collateral is required for loans > $25,000, but

borrowers are not supposed to be denied based on inadequate value of available collateral. Loans above $200,000, may require personal guarantees. 

Only the initial grant (up to $10,000) need not be paid back. 

• ​Payroll, Accounts Payable, Fixed Debts, Utilities, Rent/ Mortgage, other routine bills

• Coronavirus-related FMLA Benefits/Paid time off

• Maintaining payroll (rather than laying off employees) during business disruptions or slowdowns

• Meeting cost increases due to supply chain interruptions 

• Repaying obligations that cannot be met due to revenue loss

• Refinancing existing debt​

• Damage repairs

• Fed, State, local penalties

• Fines (Civil or Criminal)

• Dividends or dispursements to owners, partners, stockholders, or officers, except for reasonable compensation for services/work done for the company

• Payments on loans with another gov. agency (including SBA), or small business investment company

• Refinancing existing debt​

• Damage repairs

• Fed, State, local penalties

• Fines (Civil or Criminal)

• Dividends or dispursements to owners, partners, stockholders, or officers, except for reasonable compensation for services/work done for the company

• Payments on loans with another gov. agency (including SBA), or small business investment company