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Gov. Holcomb Announces Small Business Assistance in Response to COVID-19

Hoosier small businesses invited to apply for low-interest loans from U.S. Small Business Administration

INDIANAPOLIS – Governor Eric J. Holcomb today announced that Indiana small businesses are eligible for financial assistance under a disaster designation by the U.S. Small Business Administration (SBA).

This declaration is in response to a formal request Gov. Holcomb submitted with the SBA on Tuesday, seeking assistance through the organization’s Economic Injury Disaster Loan program for small businesses impacted by the COVID-19 outbreak in Indiana.

“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 outbreak.”

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, SEE THE DETAILS AND FOLLOW THE LINKS LISTED BELOW.
The deadline to apply for the disaster loans is Dec. 18, 2020.

SBA Economic Injury Disaster Loans now open for Indiana Small Businesses

Thanks to a concerted effort by our partners throughout the state, Indiana small businesses can now apply for SBA Economic Injury Disaster Loans (EIDL).

What's an EIDL?
The SBA EIDL program can provide low-interest loans of up to $2M to businesses and private non-profits.
  • EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills.
  • The interest rate is 3.75% for small businesses without credit available elsewhere. The interest rate for non-profits is 2.75%.
  • EIDLs have long-term repayment options, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based on borrower's ability to repay.
How do I apply?  Online at http://www.sba.gov/disaster

Need help? Access these step-by-step online instructions
Still need help? Call the SBA's Disaster Customer Service Center at 800-659-2955 or email This email address is being protected from spambots. You need JavaScript enabled to view it.. Individuals who are deaf or hard-of-hearing can call 800-877-8339

What's next?
Sign up for SBA Updates: https://www.sba.gov/updates

For detailed information on SBA programs for the coronavirus, visit https://www.sba.gov/coronavirus and for information on all federal programs, visit https://www.usa.gov/coronavirus or https://www.gobierno.usa.gov/coronavirus(en Español)
 
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