North Dakota small businesses negatively impacted by the coronavirus outbreak can now seek relief loans from the SBA.
North Dakota small businesses impacted during the coronavirus outbreak can apply for relief loans from the Small Business Association (SBA).
As businesses in North Dakota deal with the economic fallout from the outbreak, the SBA is making low-interest loans (2.75% for nonprofits and 3.75% for small businesses) available statewide. borrowers can request as much as $2 million. Repayment terms can be as long as 30 years.
Businesses can use the loans to pay bills or make payroll.
Previously, businesses in two counties that neighbored other eligible states were able to apply. But the new declaration provides eligibility statewide.
That’s the result of a recent change in policy the SBA put in place specifically for dealing with the coronavirus outbreak. The relaxed policy allows governors to seek statewide eligibility for coronavirus loans rather than for individual counties.
This relaxed policy could also help mitigate confusion over how to apply for the loans.
North Dakota joins a growing list of approved states and counties for coronavirus relief loans. The SBA said that small businesses can apply for the loans directly on their website at www.sba.gov/disaster. Business owners can call the disaster customer service center at 800-659-2955, or email [email protected]. The deaf and hearing impaired may call 800-877-8339.