DEFENSE BUSINESS DURING COVID-19 

Join the ZOOM webinar hosted by the Defense Alliance of North Carolina - a DANC member exclusive  "advocating for the broader defense community of North Carolina"

Businesses and Non-Profits Can Now Apply for SBA Economic Injury Disaster Loans

SBA Assistance Resources in light of COVID-19 Pandemic

Presented by Patrick Rodriguez, Senior SBA Senior Area Manager

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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.

The COVID-19 pandemic has resulted in SBA disaster loans to help our small businesses, small aqua-cultural businesses, small agricultural cooperatives and/or most private nonprofit organizations.

Economic Injury Disaster Loans (EIDLs)

The SBA has approved the North Carolina Governor’s request for a disaster declaration, and you may begin the application process.  Applicants are strongly encouraged to use the online SBA application .  Alternatively, applicants may complete a hard copy SBA application and mail it to SBA, though that will take longer to process.  There are no disaster loan centers established for this disaster declaration. 

Basic info on EIDLs follow below. 

• These are direct loans from the SBA.  One does not apply through a bank, nor is a letter of denial from a bank required for one to apply for these loans.
• SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
• 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  https://www.sba.gov/funding-programs/disaster-assistance

For questions, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov  

SBA Resources for Counseling and Training 

The following SBA backed organizations provide assistance to small businesses in the state of North Carolina; email and phone counseling are available. 

• Small Business and Technology and Development Center (SBTDC): http://www.sbtdc.org/

• SCORE:  https://www.score.org/

• Veterans Business Outreach Center: https://www.fsuvboc.com/

• Women’s Business Centers:

Asheville area:  https://www.wwbcnc.org/

Charlotte area: https://theinstitutenc.org/programs/wbcc/

Fayetteville area: https://www.wbcfay.org/

Raleigh-Durham area: https://theinstitutenc.org/programs/womens-business-center-of-north-carolina/

Register Now!This webinar will be accessible online through ZOOM.  You will receive instructions in the email confirmation after you have registered.  

The Defense Alliance of North Carolina (DANC) is a mission focused on growing North Carolina's defense economy in a way that creates new long-term investment opportunities.  Our vision is to improve the economy of North Carolina by leading high-impact strategic growth initiatives, provide information and networking opportunities to NC entities with defense sector interests, and positioning key organizations and senior leaders to assist in the expansion of defense-related business opportunities throughout the state.

https://defensealliancenc.org/