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Small Business Development Center (SBDC) at the Toledo
Regional Chamber of Commerce
Available to Assist Local Businesses with SBA Economic
Injury Disaster Loan Process
Last week, Governor Mike DeWine and Lt. Governor Jon Husted
sent a letter and
application to the U.S. Small Business Administration (SBA)
to qualify the State of Ohio for the Economic Injury
Disaster Loan program. This federal program will enable
small businesses and non-profits throughout the state
impacted by the outbreak of COVID-19 to apply for
low-interest loans up to $2 million in assistance that can
provide vital economic support to help overcome the
temporary loss of revenue they are experiencing. Once the
state is qualified for the program, Ohio Development
Services Agency will work with the SBA to notify entities
that
the they can now apply for
loans.
"Do not wait until the
'Disaster Declaration' has been approved to start gathering
the information you will need to apply for a SBA loan,"
urges Bill Wersell, Small Business Development Center (SBDC)
Director at the Toledo Regional Chamber of Commerce. The
online forms will not be available on the SBA's website
until after the declaration
has been made for your
county. But you can download hard copies at www.toledochamber.com and
begin preparing them today.
Eligible businesses include small business concerns, private
non-profits, aquacultures, small agriculture cooperatives.
The Economic Injury Disaster Loans may be used by Ohio small
business owners and non-profits to pay fixed debts,
payroll, accounts payable and other bills that can't be paid
because of the disaster's impact. The interest rate is 3.75
percent for small businesses and 2.75 percent for
non-profits. Additional information about the SBA Economic
Injury Disaster Loan program is available at (https://www.sba.gov/disaster-assistance/coronavirus-covid-19
.
The SBDC at the Toledo
Regional Chamber of Commerce offers expertise and experience
in business and has the access to business resources to help
to guide small businesses. The SBDC has successfully
navigated businesses through many challenging times in the
past, including the 2008 recession and the water disruption
event in 2014. They can be reached at 419.243.8191 or joinus@toledochamber.com.
About the
Small Business Development Center
The Ohio Small Business
Development Center (SBDC) Program is funded in part through
a cooperative agreement with the U.S. Small Business
Administration. The SBDC program is also funded in part by
the Ohio Development Services Agency. All services are
extended to the public on a non-discriminatory basis.
Language assistance services are available for limited
English proficient individuals. Reasonable accommodations
for persons with disabilities will be made if requested at
least two weeks in advance. Call 419-243-8191 or visit www.sbdc.development.ohio.gov for
more information.
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