SBA Emergency Loans Now Available to All Vermont Small Businesses
The Small Business Administration has approved Governor Scott’s request for a disaster declaration. Disaster assistance is available to businesses and non-profit organizations in all Vermont counties.
SBA’s Economic Injury Disaster Loans (EIDL) offer up to $2 million in assistance per business, providing economic support to overcome temporary loss of revenue. EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses and 2.75% for private non-profit organizations, which are also eligible for EIDLs.
To apply online, visit https://disasterloan.sba.gov/ela/. Documents that may be requested when applying include recent federal tax return, profit-and-loss statement and balance sheet.
For more information, call the SBA disaster assistance customer service center at 1-800-659-2955 or e-mail disastercustomerservice@sba.gov. For local SBA information, call 802-828-4422.
ACCD encourages businesses to seek professional business counseling and technical assistance before taking on additional debt. Vermont has a robust business technical assistance provider network. More information about these resources can be found online at https://accd.vermont.gov/economic-development/resources.
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