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The US Small Business Administration (SBA) will work with borrowers directly. (UPDATE: Please click here for the SBA’s Disaster Assistance Loan Application.) The state of Ohio has to declare an emergency (they anticipate that to happen this week) before businesses can apply. Businesses requesting $25,000 or below will not have to pledge collateral. Requests over $25,000 will require collateral. All requests will be underwritten by the SBA but we do not yet know what the criteria will be.
Please see links at the bottom of this post for additional information.
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All federal agencies are working together to protect public health, including the U.S. Small Business Administration. Our agency’s top priority is to ensure Ohio small businesses – which total nearly 950,000 – can continue their contributions to the state’s economy, and our nation.
We are working directly with Governor DeWine’s office to facilitate a disaster declaration from the SBA for businesses to be eligible for Economic Injury Disaster loans. To expedite this process, we need your help in disseminating the attached Disaster Loan Declaration form for businesses to fill out. Once you have done so, please email the completed forms to james.laipply@development.ohio.gov.
Once that declaration is made and the SBA has confirmed it, the agency will be able to provide Economic Injury Disaster Loans of up to $2 million per small business to assist with economic recovery.
Please feel free to send out the attached handouts as well as the below links to disaster assistance:
The SBA will continue to support small businesses through this difficult time, and we urge them to visit www.sba.gov/coronavirus and follow @SBA_Columbus on Twitter or sign up for our newsletter for more updates.
We sincerely appreciate your help in this effort.
Jerome W. Jones
Lender Relations Specialist
Columbus District Office
U.S. Small Business Administration
(614) 427-0476
Additional Resources for Small Business Owners:
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