SBA Offers Improved Loan Program | Local News
Indiana County Economic Operations Center said it received notice from US Small Business Administration (SBA) administrator Isabella Casillas Guzman of major improvements to the COVID Economic Disaster Lending (EIDL) program .
The SBA said the EIDL is designed to better serve and support small business communities still reeling from the pandemic, especially hard-hit sectors such as restaurants, gyms and hotels, as well as those facing crisis. challenges of the delta variant. Guzman said the SBA was ready to immediately receive new applications from small businesses looking to take advantage of these new policy changes.
“We have revamped this essential program,” said Guzman, “by increasing the borrowing limit to $ 2 million, providing 24 months of deferral and increasing flexibility to allow borrowers to repay commercial debt at higher interest. raised”.
Guzman also said his agency has stepped up its outreach efforts to ensure it connects with smaller businesses as well as those in low-income communities that may also be eligible for COVID EIDL Targeted Advance top-up grants and Supplemental Advance totaling up to $ 15,000.
“Our mission-driven SBA team has worked tirelessly to make the loan review process as user-friendly as possible to ensure that every entrepreneur who needs help can get the capital they need to reopen, recover and rebuild, ”Guzman said. More details can be obtained by contacting the Indiana County Planning and Development Office, 801 Water St., Indiana, PA 15701, at (724) 465-2662 or by sending an email to info @ indianacountyceo. com.