NOW AVAILABLE: SMALL BUSINESS ADMINISTRATION Economic Injury Disaster Loans in TN
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Tennessee small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
These loan funds can be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
Applicants do not go through a bank to apply. Instead apply directly to SBA’s Disaster Assistance Program at:
DisasterLoan.sba.gov
Tennessee Small Business Development Center (TSBDC) at Southwest Tennessee Community College Staff began training last week with SBA to assist small businesses with their EIDL applications in Shelby and Fayette Counties. No small business applying should pay anyone or a company for assistance. If you would like free one-on-one assistance with your application, want to know more about eligibility, or have other questions, please follow these steps:
1. Visit http://www.tsbdc.org
2. Select “Request Free Advising”
3. Select “Local Advising” and Choose Your County
4. Complete the Requested Information (SBA Counseling Form 641)
5. TSBDC Business Counselor will contact you within 48 hours to set an appointment and/or start the process.
The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
There is no cost to apply. *There is no obligation to take the loan if offered. Begin to gather this information:
Business information
Contact information and social security numbers for all applicants
Employer Identification Number (EIN) for business applicants
Insurance information
Financial information (e.g. income, account balances and monthly expenses) – Know the total amounts and payments due for debts that will be paid over the next 10 months or longer (i.e. mortgages, credit cards, etc.)
Other key information:
Use Internet Explorer or Mozilla Firefox to apply.
The ‘Help Button’ provides useful information for each page.
Use the ‘Save Button’ frequently.
Be patient and keep trying if you experience slow load times.
What’s next after applying? What should you expect?
You will receive email confirmation that your application has been submitted.
You will receive an email letting you know that your application is under review.
BE PREPARED: You will be contacted by someone from the SBA.
Have your monthly expenses and financial projections ready when contacted (TSBDC can assist).
TSBDC counseling will continue via phone, email and online video conferencing methods until further notice. If you have any questions, please email Mrs. Tammy Partee at tpartee@tsbdc.org or swtcc@tsbdc.org.
Lucy's Information Station 