For Immediate Release:
Thursday, March 19, 2020
Gov. Holcomb Announces Small Business Assistance in Response to COVID-19
Hoosier small businesses invited to apply for low-interest loans
from U.S. Small Business Administration
INDIANAPOLIS – Governor Eric J. Holcomb today announced that Indiana
small businesses are eligible for financial assistance under a disaster
designation by the U.S. Small Business Administration (SBA).
This declaration is in response to a formal request Gov. Holcomb submitted
with the SBA on Tuesday, seeking assistance through the organization’s
Economic Injury Disaster Loan program for small businesses impacted by
the COVID-19 outbreak in Indiana.
“Small businesses play a critical role in driving Indiana’s
economy forward, with more than 512,000 employing 1.2 million Hoosiers
across the state,” Gov. Holcomb said. “These disaster loans
will provide much needed financial support to small business owners who
are weathering the impact of the coronavirus outbreak.”
Under the program, small businesses, small agricultural cooperatives and
nonprofits across the state are eligible to apply for low-interest loans
up to $2 million to help overcome the temporary loss of revenue due to
the COVID-19 outbreak. These loans may be used 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. Additionally, the
[isbdc.org]Indiana Small Business Development Center, which has 10 regional offices throughout the state, will provide free
business advising and application assistance for small businesses impacted
by the COVID-19 outbreak.
To apply for loans or receive more information about the Economic Injury
Disaster Loan program, visit
[SBA.gov/Disaster]SBA.gov/Disaster. Contact 1-800-659-2955 or
firstname.lastname@example.org with additional questions. The deadline to apply for the disaster loans
is Dec. 18, 2020.