The SBA’s Disaster Assistance loans for small businesses affected by the Coronavirus are available to business owners in all states in which MoFi operates: Montana, Idaho, Wyoming, Oregon and Washington.
According to the SBA, these loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue.
The 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. The interest rate is 3.75% for small businesses with long-term repayments to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
Business owners who may need these funds, please visit the SBA website to learn more and submit your application: https://disasterloan.sba.gov/ela/
Questions? Contact your local SBA office – you can find a list of them here.