Indiana small businesses are eligible for financial assistance under a disaster designation by the U.S. Small Business Administration.
Governor Eric Holcomb made the announcement Thursday. He submitted a request with the Small Business Administration, seeking assistance through the organization’s Economic Injury Disaster Loan program for small businesses impacted by the COVID-19 outbreak in Indiana.
Small businesses, small agricultural cooperatives and nonprofits across the state are eligible to apply for low-interest loans up to $2 million 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.
To apply for loans or receive more information about the Economic Injury Disaster Loan program, visit SBA.gov/Disaster.
The deadline to apply for the disaster loans is Dec. 18, 2020.