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SBA EIDL taking applications again

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guest

Guest
I noticed about 10 days ago that the SBA had begun taking applications for the EIDL loans. These are 30 year notes at 3.75%, so payments are very small relative to the amount borrowed.

The 10K advance/grant seems to have disappeared, but for anyone who looks at the uncertainty in the business climate and feels like some additional capital reserve is a good idea, this might be helpful.

I put in for a small loan just to give me some additional cushion, and received the approval this morning. They were very responsive- it took one day for the initial application review, and another week for the final approval and closing. It was all done on the SBA portal, I did not have to talk to my bank at all.

The only information they required was last year's gross sales and COGS, and my loan was less than 25K so no collateral or any other documents were asked for.

I have to say, the SBA has really been amazing, imho. I have never seen them so responsive to small businesses. I did a 504 many years back for a new building, and it was a paperwork nightmare.

The PPP and EIDL loans have been fast and easy to get, really have helped a lot of people. So hats off to the SBA for cutting through all the red tape and stepping up for us little folks. :)
 
yeah, even i was awarded one of these. just used the funds for business expenses and used some of my available cash to pay off all my revolving debt.
 








 
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