Tag Archive for: #smallbusinessadministration

Register For SBA Webinar Friday At 2 PM To Learn Funding Options For Small Businesses

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The U.S. Small Business Administration is hosting a webinar Friday afternoon to discuss funding options that are available to small businesses, including new and existing resources to contend with inflation.

The webinar is part of “The Bottom Line” series, hosted by the SBA and Small Business Majority

Register here for the webinar, which begins at 2 p.m.

“Understanding how to deal with the impact of inflation as a result of the pandemic and other global factors, and knowing where to look for an navigate available resources to tackle it can sometimes be daunting,” according to information from the USBA. Speakers during tomorrow’s webinar include USBA Senior Advisor, Office of Capital Access Veronica Pugin; Gary Cunningham, president and CEO, Prosperity Now, Stephanie DeVane, vice president of the National Urban League’s entrepreneurship & business development and Mark Madrid, USBA associate administrator, Office of Entrepreneurial Development.

Click this link to register: https://us06web.zoom.us/webinar/register/WN_Wur853uISLmA7Oh-Lfm3Pw?utm_medium=email&utm_source=govdelivery

Aug. 25 SBA Webinar Focuses On Rural Entrepreneurs

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The U.S. Small Business Administration announces another in its series of webinars “Elevating Small Business” designed for rural entrepreneurs. The hourlong program will begin at 1 p.m. on Thursday, Aug. 25 and will feature a panel of experts who will speak on topics including the importance of financial wellness, creating generational wealth through business ownership and uplifting and supporting rural-owned small businesses.

Panelists are Allen Thomas, regional administrator for SBA Region IV, Terri Billups, senior advisor to acting director/deputy director of the Office of Affairs and Morgan Beavers, co-owner of Graylee Construction and Demolition in Austin, AR.

The panel will also discuss SBA initiatives and resources that support small business recovery, new rural startups seeking to launch, and existing rural-owned small businesses as they pivot and grow in a post-COVID world.

Register for the webinar here or visit    https://SBArural.eventbrite.com.

NC Governor Logo

SBA Grants Governor’s Disaster Declaration Request for NC Small Businesses

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-Press Release, Office of Governor Roy Cooper

The U.S. Small Business Administration granted Governor Roy Cooper’s request for a disaster declaration for small businesses that are suffering economic losses due to the new Coronavirus, COVID-19.

“Many small businesses are desperate right now and this SBA approval will help,” said Governor Cooper. “Even more is needed and we will continue to push for additional assistance while we work to protect the health of North Carolinians.”

At the Governor’s request, the SBA granted a disaster declaration to small businesses across the state, allowing affected businesses to apply for low-interest SBA disaster loans.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.

Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 or 1-800-877-8339 for the deaf and hard-of-hearing, or by emailing disastercustomerservice@sba.gov.

Loan application forms can also be downloaded at disasterloan.sba.gov.

Criteria Updated for Small Businesses Requesting Disaster Assistance Loans

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-Press Release, U.S. Small Business Administration

As part of the Trump Administration’s aggressive, whole-of-government efforts to combat the Coronavirus outbreak (COVID-19) and minimize economic disruption to the nation’s 30 million small businesses, U.S. Small Business Administration Administrator Jovita Carranza issued revised criteria for states or territories seeking an economic injury declaration related to Coronavirus (COVID-19).

The relaxed criteria will have two immediate impacts:

  • Faster, Easier Qualification Process for States Seeking SBA Disaster Assistance. Historically, the SBA has required that any state or territory impacted by disaster provide documentation certifying that at least five small businesses have suffered substantial economic injury as a result of a disaster, with at least one business located in each declared county/parish. Under the just-released, revised criteria, states or territories are only required to certify that at least five small businesses within the state/territory have suffered substantial economic injury, regardless of where those businesses are located.

 

  • Expanded, Statewide Access to SBA Disaster Assistance Loans for Small Businesses. SBA disaster assistance loans are typically only available to small businesses within counties identified as disaster areas by a Governor. Under the revised criteria issued today, disaster assistance loans will be available statewide following an economic injury declaration. This will apply to current and future disaster assistance declarations related to Coronavirus.

“We’re very encouraged that banks and financial institutions are responding to the President’s efforts to mobilize an unprecedented public-private response to the Coronavirus (COVID-19) outbreak. As a result, most small businesses that need credit during these uncertain times will be able to obtain it. However, our goal is to ensure that credit is available to any and all small businesses that need credit but are unable to access it on reasonable terms through traditional lending channels,” said Administrator Carranza.

“To that end, the SBA is relaxing the criteria through which states or territories may formally request an economic injury declaration, effective immediately. Furthermore, once an economic injury declaration has been made in a state or territory, the new rules allow the affected small businesses within the state or territory to apply for a disaster assistance loan.”

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for each affected small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

Process for Accessing SBA’s Coronavirus (COVID-19) Disaster Relief Lending

  • The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
  • Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).
  • SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
  • Once a declaration is made, the information on the application process for Economic Injury Disaster Loan assistance will be made available to affected small businesses within the state.
  • These loans 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. The interest rate for non-profits is 2.75%.
  • SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
  • SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
For additional information, please visit the SBA disaster assistance website at SBA.gov/Disaster.