INDIANAPOLIS, Ind.– Gov. Eric Holcomb announced Thursday that small businesses in Indiana are eligible for financial assistance from the U.S. Small Business Administration (SBA).
Holcomb submitted the formal request Tuesday, seeking help through the SBA’s Economic Injury Disaster Loan program. This should help small businesses impacted by the COVID-19 outbreak in Indiana.
The news comes one day after Indianapolis Mayor Joe Hogsett announced ways small businesses in Indy can find resources and assistance.
“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.”
Small businesses, small agricultural cooperatives and nonprofits across the state are now eligible to apply for low-interest loans up to $2 million to help deal with losses suffered from the coronavirus pandemic.
The loans may be used to pay fixed debts, payroll, accounts payable and other bills. 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.
The Indiana Small Business Development Center will provide free business advising and application assistance for businesses impacted by the pandemic.
The deadline to apply is Dec. 18, 2020.