Just like many of you, our phones have been ringing and our email inboxes have been filled with questions about SBA’s Economic Injury Disaster Loan (EIDL) program. Although you may already have information about the EIDL, we are providing program highlights which will help you to quickly provide guidance to your customers.
The Economic Injury Disaster Loan is operated directly by the SBA.
The Economic Injury Disaster Loan provides working capital only.
Alabama, Georgia and Tennessee are eligible – border counties in neighboring states may be included in an eligible state’s service area.
Small agricultural cooperatives
Small aquaculture businesses
Most private non-profit organizations
Religious and charitable organizations are not eligible
Loan Amounts, Rates & Uses
Eligible applicants may qualify for loans up to $2 million.
Interest rates: 3.75% for SMB; 2.75% for nonprofits
Terms up to 30 years
May be used to pay fixed debts, payroll, AP, and other bills that could have been paid had the disaster not occurred.
Not intended to replace lost sales, profits or for expansion
You can download a copy of the full slide presentation from SBA about the Economic Injury Disaster Loan here or you can email us: Info@BrightBridgeInc.org. Enter EIDL Presentation in the subject line and we will reply with an attachment.