State Rep. Haraz N. Ghanbari (R-Perrysburg) applauded the approval of Ohio’s application for small businesses and non-profits to apply for the Economic Injury Disaster Loan (EIDL) program through the U.S. Small Business Administration (SBA) during the coronavirus pandemic.
“It’s truly vital that we do everything we can to help and inform our small business owners and non-profits of the relief they can seek at this time,” said Ghanbari. “I am thankful to the SBA for their quick approval, and this action will hopefully provide the assistance our small businesses need throughout Wood County and all of Ohio.”
EIDLs are capital loans that help small businesses, agriculture cooperatives, and other private non-profits with their necessary financial obligations during the time of a disaster. To receive a loan, the SBA has certain credit requirements, loan terms up to a maximum of 30 years, and a loan limit of $2,000,000.
For loan eligibility, those who had previously not complied with a loan from the SBA may not be eligible for future assistance. Additionally, the SBA may require some organizations to obtain appropriate insurance.
Applicants may apply online at https://disasterloan.sba.gov/ela or call (800) 659-2955 for more information.