How can I apply for a small business loan?

Maria asked 8 months ago
1 Answer
Jesse Staff replied 8 months ago
Hi Maria.

If you're asking specifically in relation to the SBA relief loans for businesses impacted by the coronavirus outbreak, there are some steps that have to happen locally before you can apply.

First, the governor of the state where your business is located needs to request that the SBA declare your country or area has impacted by the coronavirus outbreak. After that, the SBA will make businesses aware that they are eligible to apply. I would reach out to county officials to see if any steps have been taken yet if this is the loan you intend to apply for. In the meantime, I would suggest collecting data on how you've been impacted in terms of revenue, how current revenues compare to previous periods, the dates when the impact began, any insurance you expect to receive, etc. Having this kind of detail in hand may help expedite the process when the loan applications are made available.

If you are asking about a more general small business loan, you would typically go through a lender and it could be guaranteed by the SBA. You can learn more about those here: https://www.sba.gov/funding-programs/loans

Best of luck!