March 26, 2020
To Mid-Willamette Valley Small Business Owners – the following is a breakdown of the loan, terms, and conditions as well as a basic walk-through on how to access the SBA Economic Injury Disaster Loan (EIDL)
- Direct loan from the US Department of the Treasury, via the Small Business Administra- tion (SBA).
- Eligible applicants include: (1) small businesses1; (2) non-profits; (3) owners of rental property.
- Purpose: working capital for temporary loss of
- Apply at: (https://disasterloan.sba.gov/ela/) (Do not lose username and password!)
- No cost to
- No obligation to accept
Ineligible applicants: agricultural enterprises; religious organizations; gambling
- Amortization: up to 30 years, determined on a case-by-case basisLoan Amount: up to $2,000,000.
- Interest Rate: 3.75% for small business; 2.75% for non-profit.
- Required for loans amounts that exceed $25,000.
- Applicants will not be declined solely on the basis of lack of collateral. However, SBA will require whatever collateral is available, which may include liens on real.
- SBA Form 5 – Business Loan Application (complete within online application)
- SBA Form 413 – Personal Financial Statement, required by everyone with ownership of 20% or greater (complete within online application)
- SBA Form 2202 – Schedule of Liabilities (complete within online application)
- IRS Form 4506-T – Request for Transcript of Tax Return, required for the applicant en- tity and everyone with ownership of 20% or greater (download form, complete, sign, up- load as PDF)
- Additional information may be required, such as business or personal tax returns, year- end and/or interim financial statements, and monthly sales