With today's Stay-At-Home Order from Governor Holcomb it creates a large impace on local businesses. However, Indiana small businesses are eligible for a financial assistance loan under a disaster designation by the U.S. Small Business Administration.
These loans could be used to pay utilities, payroll, accounts payable and other bills that accumulate during this COVID-19 pandemic. Interest rates for these loans are 3.75% for small businesses and 2.75% for nonprofit businesses with repayment terms up to 30 years.
In order to qualify for these disaster loans applicants must demonstrate credit history, the ability to repay the loan, proof of working capital losses and proof of physical presence.
To apply for loans or to receive more information about the Economic Injury Disaster Loan program visit SBA.gov/Disaster or call 1-800-659-2955. You can also email with questions at disastercustomerservice@sba.gov. Deadline to apply for the disaster designation loans is December 18, 2020.
