The U.S. Small Business Administration has approved Oregon for loans to assist with costs of the coronavirus situation. These loans apply to businesses of all size, private nonprofits, homeowners and renters. For businesses, the loan can be as much as $2 million for physical damage, or as much as $2 million for economic damage for small businesses, agricultural coops, or private nonprofits. The SBA outlines the steps for the loan process on this handout.
Here are the three steps:
- Apply for the loan: apply online by clicking here, or by mail. It also lists a disaster area, but given the need for social distancing, mail or online would be preferable.
- Property verified and loan processing decision made: The SBA reviews your credit, estimates the total physical loss and determine your eligibility. A loan officer will contact you to discuss the loan recommendation and next steps. SBA will tell you in writing of all loan decisions.
- Loan Closed and Funds Disbursed: SBA will prepare and send your loan closing documents for your signature, once it’s received, an initial disbursement will be made within five days. A case manager will help you meet all loan conditions. To apply, the SBA directs businesses to do the following:
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- Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela.
- Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
- Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Please note: This is a re-posting from the March 27th, 2020 Springfield Chamber COVID-19 Bulletin.