However, to qualify for the loan, the specific county your business is located in must be declared a disaster area. The ironic thing is that all small businesses across the country are experiencing an economic disaster, but some bureaucrat in Washington does not understand this.
In theory it should be easier to get this type of SBA loan than a conventional line of credit with a bank right now. Commercial banks are going to be very wary to lend to a business right now that is experiencing declining sales. Despite that, these commercial banks may lend up to $25,000 to $50,000 right now as a goodwill gesture.
Attached is a sample fact sheet, terms apply to each state.
This communication comes from Gregory Barford, CPA, a Cleinman Performance Partners accounting partner. Phone: 301-865-4648 Fax: 301-812-4240, firstname.lastname@example.org