Indiana small businesses can now apply for SBA Economic Injury Disaster Loans. 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.
Apply online at SBA.gov/disaster or call the SBA’s Disaster Customer Service Center at 800-659-2955.
