DeWine Submits Application to Qualify for SBA Disaster Loans
COLUMBUS, Ohio – Gov. Mike DeWine and Lt. Gov. Jon Husted have sent an application to the Small Business Administration to qualify Ohio for funds from the Economic Injury Disaster Loan program.
The program will make loans of up to $2 million available to small businesses and nonprofits impacted by the COVID-19 outbreak. The state’s application must still be approved by the SBA.
In an interview with The Business Journal Monday, Cleveland District regional director Gil Goldberg said he expects applications to be open by Friday. The declaration will cover all 88 counties in Ohio.
“We understand the steps being taken to keep all Ohioans safe will have a significant impact on businesses across the state, which is why we are leaving no stone unturned to identify every possible way we can support them during this time,” DeWine said in a statement. “Ohioans are resilient. We will get us through this.”
The SBA loans will have an interest rate of 3.75% for businesses without credit available elsewhere and 2.75% for nonprofits. Terms are up to 30 years. The details of loans will be handled on a case-by-case basis. Loans may be used to cover working capital needs, such as payroll, fixed debts and accounts payable.
The application was developed in coordination with the Ohio Emergency Management Agency, which collected information from more than 1,500 businesses across the state on how the coronavirus pandemic has affected them.
“We know Ohio businesses are struggling and we are going to do everything we can to help them,” Husted said. “We have taken quick steps to ensure the health and safety of Ohioans, and we are going to give that same attention to ensuring our businesses are successful and jobs remain available.”
Businesses affected by the coronavirus outbreak are encouraged to contact firstname.lastname@example.org.
More information on the SBA’s Economic Injury Disaster Loan program is available at SBA.gov/disaster.
Published by The Business Journal, Youngstown, Ohio.