As part of the federal government response to the COVID-19, SBA Disaster Assistance Loans are now accepting Nevada applications up to 2 million dollars and with loan amortization over 30 years. Three to four weeks for funding is estimated. These are for privately held companies.
This is a separate pool of money from standard SBA loans and businesses can apply for this separately. There is no prepayment penalty while repaying.
• 3.7% for businesses
• 2.25% for non-profits
• Deadline to apply is December 17, 2020
• Loans of $25,000 or less do not require collateral.
For larger loans they must be ready to give the following :
• Explainable credit history (does not have to be great but explainable)
• Repayment ability
• Share the collateral that the company has available
• 3 years historic income plus current and estimated income for current year.
Here is the process he described to apply:
Apply on the website sba.gov/disaster
A case worker will contact the applicant to discuss how much is necessary for operations, fixed obligations, payroll, etc. The case worker will discuss their burn rate and come up with the loan amount.
Apply at: SBA.gov/disaster
Please let us know if you have any questions or need assistance with the application if you deem this warranted for your company
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