Updated 4:30 pm, March 26, 2020.
As the information about SBA programs to help businesses have grown, we decided to pull it all into one page for easy reference. There are three main initiatives:
1. Economic Injury Disaster Loans – available now
A webinar is getting set up for this Friday, 3/27/2020 with SBA Lending Officer, Ray Graves (more information to come). Ohio for-profit and not-for-profit businesses can apply for these low interest (3.75% for profit, 2.75% not for profit), long-term (up to 30 years) working capital loans if they can’t find credit anywhere else (see press release). Here is more information:
- SBA Economic Injury Disaster Loan Website
- EIDL Guide (done by us)
- Videos & Conference Call – More Details
- Disaster Assistance Customer Service Center – (800) 659-2955
2. Stimulus Programs
Here are a couple good references for the new SBA programs that are potentially coming down the pike, including the Paycheck Protection Program (zero-fee loan up to $10M, where 8 weeks of average payroll and other costs will be forgiven and principal and interest deferred for a year), and the Emergency Economic Injury Grants ($10,000 advance if a small business applies for an EIDL that does not need to be repaid).
- 5 New SBA Programs to help businesses in the stimulus package
- Comprehensive listing of all programs in stimulus bill, as analyzed by the International Economic Development Council.
- High level overview of entire stimulus bill provided via the Ohio Manufacturers’ Association.
3. Small Business Development Center (SBDC)
The SBDC at Terra State Community College covers Seneca County (and others). They provide free business counseling, and their website provides webinars on the EIDL program. The Director is Bill Auxter, and he can be reached at email@example.com or by phone at 419.559.2210.