Synovus’s Government Guaranteed lending team is carefully monitoring all the SBA enhancements being discussed on the Hill. We’re committed to helping businesses get the capital they need. As a preferred SBA lender, we’re providing some basics to help you navigate the SBA’s Economic Injury Disaster Loans.
- Which businesses are eligible to apply?
SBA’s Economic Injury Disaster Loans (or working capital loans) are available to small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations. These include businesses that:
- Are located in a state or territory that is designated as suffering economic injury caused by the Coronavirus (COVID-19).
- Are directly affected by the disaster.
- Offer services directly related to the business in the declaration.
- Are indirectly related to the industry that are likely to be harmed by losses in their community.
- How do I know if I qualify?
Check the SBA website for a current list of states and territories declared disasters according to Presidential, SBA and Secretary of Agriculture guidelines.
- How much can I borrow?
- Eligible entities may qualify for loans up to $2 million.
- Interest rates are 3.75% for small businesses and 2.75% for non-profit organizations, with terms up to 30 years.
- How can I use the loan funds?
These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits, or for expansion.
- How do I apply?
SBA Economic Injury Disaster Loan (EIDL) funds come directly from the U.S. Treasury. Applicants do not apply through a bank. Instead, you should apply directly to SBA’s Disaster Assistance Program at https://disasterloan.sba.gov/ela/Account/Login
While Synovus doesn’t process EIDLs, we are here if you need further details. You can reach us at 813-855-5433 or by email.
For DETAILED Information, Please click the following link: SBA Economic Disaster Loan program COVID 19
Brought to you by Michelle Baldwin, Synovus Bank