Updated 11:30 am on 3/27/2020.
This Friday (March 27, 2020) at 10:00 am, Tiffin-Seneca Economic Partnership and the Seneca Regional Chamber of Commerce --together with economic development agencies in Fostoria, Wyandot County, Crawford County, Sandusky County, and Huron County-- hosted a regional webinar with Ray Graves, Lender Relations Specialist with the US Small Business Administration's (SBA) Cleveland Office. I appreciate all the good work Gil Goldberg, Jim Donato, Ray and the rest of the team there for all they do.
Contact Information:
- Ray Graves, Lender Relations Specialist, Cleveland SBA - Raymond.Graves@sba.gov, (216) 522-4192, Cell (312) 203-5099
- Bill Auxter, Certified Business Advisor, Ohio Small Business Development Center, bauxter@terra.edu, 419-559-2210.
Slide Deck:
Summary of Webinar:
Lender Relations Specialist Ray Graves provided an overview to the Economic Injury Disaster Loan program, talked about how to apply for one, and answered questions from webinar participants. Graves joined the Cleveland office of the SBA in 2013, and has been working to help businesses obtain SBA financing since 1999.
Thousands of Ohio companies are suffering because of the coronavirus pandemic. Ohio companies can now apply to the federal government for low-interest, long-term loan to help. The program is called the SBA Economic Injury Disaster Loan, and it can provide up to $2 million in funding, with a term of up to 30 years. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Loan rates are expected to be 3.75% for businesses and 2.75% for non-profits with long-term repayments in order to keep payments affordable. Terms will be determined on a case by case basis.
