Small Business Details
The Indian American Community Services organization will inform, support and mentor small businesses owned by immigrants and People of Color thare are impacted by COVID-19. We will assist by connecting small businesses to financial resources from government and private organizations, while also providing critical private funding support, remodeling for safe distancing and guidance to prevent businesses from closing down permanently.
Administration loans are available through the Economic Injury Disaster Loan program and the Paycheck Protection Program. However, it is not currently available for new applicants. We recommend contacting an SBA lender for more information if your organization is otherwise eligible and has not yet applied.
Economic Injury Disaster Loans (EIDL):
Offered by the Small Business Administration, these loans are low-interest loans for businesses that suffer substantial economic impacts as a result of COVID-19. The loans can assist small businesses in meeting financial obligations and operating expenses.
- Businesses applying for an Economic Injury loan can receive a forgivable advance of up to $10,000, even if the underlying loan application is not approved. Businesses with fewer than 10 employees will generally be awarded less than the full award.
- Use this guide to the disaster loan program which includes step-by-step instructions on completing the application.
- The Washington SBDC is offering webinars and other online training opportunities for the SBA application process.
- You can also check out our webinars for more assistance.
The Paycheck Protection Program (PPP):
Eligible small businesses are offered a very low-interest loan of up to $10 million (determined by payroll). Loan payments are deferred by six months, and if you maintain your workforce, SBA will forgive the portion of the loan proceeds used to cover the first eight weeks of payroll and operating expenses.
- This program is open to small businesses, sole proprietorships, independent contractors and self-employed individuals.
- Loan applications must be made to a lender participating in the program.
- The loan has a maturity of two years and an interest rate of 1%.
- There are no prepayment fees, collateral requirements or personal guarantee requirements.
- Find more information on the sample application and on the Treasury Department’s fact sheet.
NONPROFIT AND PRIVATE LOANS
Grameen America is a nonprofit organization that provides microfinance loans to entrepreneurial women who live in poverty and seek to build businessses. Grameen America provides microloans (starting at no more than $2,000), financial training, and support to members. As part of their program, members open free savings accounts with commercial banks and make weekly deposits. Microloan repayments are also reported to Experian to enhance financial identity.