Small business owners in Wisconsin are currently eligible to apply for a low-interest federal loan for working capital from the U.S. Small Business Administration (SBA) due to the Coronavirus (COVID-19). These federal disaster loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of COVID-19’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. The SBA offers loans with long-term repayments, up to a maximum of 30 years, in order to keep payments affordable, with terms determined on a case-by-case basis, based upon each borrower’s ability to repay.
What businesses are eligible to apply?
SBA’s Economic Injury Disaster Loans (or working capital loans) are available to small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations. The applicant business must have a physical presence in the declared disaster area.
What is the criteria for loan approval?
What forms are needed to apply?
Where do businesses apply?
For more information and to apply for an SBA federal disaster loan, visit https://sba.gov/coronavirus. For more information on all federal programs, visit www.usa.gov/coronavirus or www.gobierno.usa.gov/coronavirus (español).
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