Disaster Relief Loan Information

Mar 24, 2020COVI-19

It’s nice to know that in trying times, even our small community has options. COVID-19 is having big impacts to persons and businesses all over the world. We bring you today two options for Disaster Relief Funding. We have below a short description with links to the appropriate sites with even more information. Region10 has provided us with some well timed information on their local Business Loan Fund.  We’ve also included SBA.gov emergency loans, and have also put this on their website, along with a direct link to the application for Disaster Relief for small business.

SBA.gov’s EIDL (Economic Injury Disaster Loan) application can grant you up to two million for your business. You don’t need me to tell you that could be a huge relief in a time of crisis. Naturally, this has some stipulations on who can apply, it’s a government loan after all. Every bit of the rules can be found here: https://disasterloan.sba.gov/ela These funds can be used for payroll, supply, bills and accounts payable, and many other things, but they will not cover expansions or any profit lost on expansions. If you qualify, we recommend applying. You don’t have to take the loan if offered, and there’s no cost to apply. Start their online application process here: https://disasterloan.sba.gov/ela/LoanApplication/StartApplication or use the above link to find a hard copy for mailing in.

We are lucky enough to have an option here in Montrose that supports and gives loans only to those in our or surrounding counties. Their name is Region10, and they in-part represent other funding options granted to the state for the development of small business, and have given loans up to $10,000 in their disaster relief program.

More information on this service can be found on their website: https://region10.net/businesses-resources/access-to-capital/ and if you’re looking into getting a loan for your business, then start here: https://region10.net/business-loan-fund/#apply or here for the PDF application to fill out: https://region10.net/wp-content/uploads/2019/10/Personal-Financial-Statement-10082019.pdf