Small Business Administration (SBA) Assistance

Economic Injury Disaster Loan Program

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). The SBA issued a disaster declaration for the state of Iowa as of March 21, 2020.  You can find this and more information the program on the SBA website. Some selected program highlights:

• Up to $2 million in assistance.

• 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. The interest rate for non-profits is 2.75%.

• Assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere. See SBA website here for more information on eligibility and terms.

How can small businesses and private nonprofits apply?

Create a login with the Small Business Administration. 

The Association of Chamber of Commerce Executives indicates that the Small Business Administration is encouraging online applications. To apply online, an online registration to create a login must be completed. 

Preparing to make an application--gather information and resources. 

The SBA website provides a PDF application and forms for required information as well an instructions. The Iowa Small Business Development Center also prepared the below graphic on what you will need to apply. 

ISBDC Graphic