Emergency business loans

Seeking emergency business funding due to Covid-19?

There are several options available to business owners and stakeholders experiencing economic instability. Please see our information below to understand your emergency Covid-19 financing options.

Your Emergency Funding Options

Needing funding fast? We recommend the CARES Act Loan.

CARES Act SBA 7(a) Relief Loans*

  • Loan amounts up to $10,000,000
  • Interest rates will not exceed 4% for eligible for-profit and non-profit businesses
  • Fully amortizing loan terms of 10 years
  • Loans proceeds to include payroll support (including paid sick or medical leave), employee salaries, mortgage payments, insurance premiums and any other debt obligations incurred before 2/15/2020
  • SBA guarantee fees and lender fees will be waived
  • No prepay penalty and no personal guarantees
  • The “credit elsewhere” test and collateral and personal guarantee requirements would be waived during the covered period
  • A borrower with a current EIDL loan can only also receive the CARES Act SBA 7(a) Relief Loan if the EIDL loan is unrelated to COVID-19

Economic Injury Disaster Loan (EIDL)

  • We can help you apply through the SBA
  • Loan amounts up to $2,000,000
  • 3.75% interest rate for for-profit businesses
  • 2.75% interest rate for non-profit businesses
  • Loan terms will not exceed 30 years
  • Only available in states with SBA approved declarations of disaster (check the most current State availability list here)
  • Through our sources we’ve heard there are currently over 25,000 applications submitted so far, with at least a 3-week approval lag time. It can be assumed that approval times will only increase as more applicants apply
  • If you receive an EIDL, you will not be eligible for the CARES Act SBA 7(a) Relief Loan

Which is Better?

Although you must decide which relief program is best for you, we believe that the CARES Act SBA 7(a) Relief Loan is the better option for the following reasons:

  • The SBA EIDL program already has a bottleneck of over 25,000 applications.
  • CARES Act SBA 7(a) Relief Loans are available up to $10,000,000 vs. only $2,000,000 for the EIDL program.
  • With the expertise and experience of seasoned SBA lenders and loan providers involved and helping to shape policy, we anticipate that the CARES Act SBA 7(a) Relief Loan program will be more streamlined than the EIDL program, and funding will be available faster.