NEW SBA LENDING PROGRAM
Swartz & Reeder Advisors has partnered with Capital Direct to offer our clients a streamlined SBA EIDL application process compared to pursuing it alone. The SBA Economic Injury Disaster Loan (EIDL) Program provides an ideal funding solution for small business owners to expand, acquire new customers and increase sales.
Under this program, approved applicants will receive up to $500,000 of working capital at just a 3.75% interest rate under a 30-year repayment term. Moreover, applicants are not required to make any payments for the first 24 months of the loan term.
Why now is a good time to get a SBA EIDL loan?
SBA disaster loans were made widely available for small businesses affected by COVID-19 as part of the CARES Act (signed into law on Friday, March 27, 2020). The Coronavirus Relief Bill (signed December 27th, 2020) allocated an additional $20 billion for SBA Economic Injury Disaster Loans (EIDL)
SBA DISASTER LOAN APPLICATION PROCESS
SBA disaster loan terms and rates
|Eligible businesses||Small businesses and private nonprofits|
|Max borrowing amount||Up to $500,000 loan amount|
|Term lengths||Up to 30 years|
|Interest rates||3.75% (2.75% for nonprofits)|
|Deferred Payment||12 months|
* Terms are determined on a case-by-case basis, based upon each borrower’s ability to re-pay