Hoosier small businesses
invited to apply for low-interest loans from U.S. Small Business
INDIANAPOLIS (March 19, 2020) – Last night, the U.S. Small
Business Administration (SBA) issued a disaster declaration for the state of
Indiana, offering financial assistance for Hoosier small businesses impacted
by the novel coronavirus (COVID-19) outbreak in the state.
The declaration is in response to a formal request Governor Eric J. Holcomb
submitted with the SBA on March 17, seeking assistance through the
organization’s Economic Injury Disaster Loan program.
“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. “These disaster loans will provide much needed financial support
to small business owners who are weathering the impact of the coronavirus
Under the program, small businesses, small agricultural cooperatives and
nonprofits across the state are eligible to apply for low-interest loans up to
$2 million to help overcome the temporary loss of revenue due to the COVID-19
outbreak. These loans may be used to pay fixed debts, payroll, accounts payable
and other bills incurred during this public health emergency. The loan interest
rates for small businesses and nonprofits are 3.75% and 2.75%, respectively,
with terms up to 30 years.
To qualify for disaster loans, applicants must demonstrate credit history, the
ability to repay the loan, and proof of physical presence in Indiana and
working capital losses. Additionally, the Indiana Small Business Development Center, which has 10
regional offices throughout the state, will provide free business advising and
application assistance for small businesses impacted by the COVID-19 outbreak.
To apply for loans or receive more information about the Economic Injury
Disaster Loan program, visit SBA.gov/Disaster. Contact 1-800-659-2955 or firstname.lastname@example.org
with additional questions.
The deadline to apply is Dec. 18, 2020.