In addition to offering term loans, we are helping small businesses navigate the challenging SBA Loan application process.
Through our suitability testing, we will help you determine which, if any, SBA Loan is the best fit for your business.
Below, learn about the three most popular types of SBA Loans right now.
To qualify for this specific type of SBA Loan, your business must reside in a state that has been an approved SBA declaration of disaster. Loans go up to $2,000,000 to help you overcome temporary loss of revenue.
On Friday, March 27, 2020, President Trump signed into law the CARES Act, which provides additional assistance for small business owners, including the opportunity to receive up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL) for emergency capital.
You must apply directly with the SBA for this loan. While the application process is done online, the time to get funded could be delayed depending on how many applications are received. Due to the current climate, we understand this could take weeks.
Click here to be redirected to the SBA website application for the Economic Injury Disaster Loan.
Also called the Paycheck Protection Program, it is approved for all states and territories in the United States. This process may be streamlined compared to the Economic Injury Disaster Loan as it has been especially created for business affected from the Coronavirus.
Proceeds from this loan may only be applied to cover specific expenses, which include payroll support including medical leave, costs related to health benefits, employee salaries, mortgage payments, rent, utilities, insurance, and any other debt payments incurred before 2/15/2020.
To learn how to apply for this loan and how to expedite this process, contact us today.
The quickest way for us to serve you and determine whether a Breakout business loan is the best fit for you,
or if another solution is, apply today!
Learn more about how working with a lender that Double Dips affects YOUR bottom line.
And we mean that. If you have any questions, we will do our best to answer them as openly and honestly as possible.
Period.
Our fully transparent funding process goes beyond answering all of your questions.
The SMART Box is included with each of our funding offers, to help you understand and assess the cost of your small business financing.
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