COVID-19

COVID-19

LOUISVILLE, Ky. (WDRB) -- Help is on the way for Indiana small businesses impacted by the COVID-19 coronavirus.

According to a news release, the U.S. Small Business Administration issued a disaster declaration for the state Wednesday night. The move makes small businesses, small agricultural cooperatives and nonprofits across the state eligible to apply for low-interest loans up to $2 million to offset lost revenue incurred during service shutdowns. 

"These loans may be used to pay fixed debts, payroll, accounts payable and other bills incurred during this public health emergency," the news release states. "The loan interest rates for small businesses and nonprofits are 3.75% and 2.76%, respectively, with terms up to 30 years."

The declaration was in response to a request Gov. Eric Holcomb made of the U.S. Small Business Administration on March 17.

"Small businesses play a critical role in driving Indiana's economy forward, with more than 512,000 employing 1.2 million Hoosiers across the state," Gov. Holcomb said, in a statement. "These disaster loans will provide much needed financial support to small business owners who are weathering the impact of the coronavirus outbreak."

To qualify for disaster loans, a list of criteria must be met. Applicants must demonstrate:

  • Credit history
  • The ability to repay the loan
  • Proof of physical presence in Indiana
  • Working capital losses

Free business advice and application assistance will be available at any of the Indiana Small Business Development Center's 10 regional offices throughout the state.

To apply for loans or receive more information about the Economic Injury Disaster Loan program, CLICK HERE or call 1-800-659-2955. Applicants can also email disastercustomerservice@sba.gov with additional questions.

The deadline to apply is Dec. 18, 2020.

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