EIDL Loans Available

Small businesses impacted by COVID can apply for an Economic Injury Disaster Loan until December 31, 2021. As the only remaining program available through Small Business Administration, the loan funds can be used for payroll, rent, operating expenses, working capital, maintenance or debt payments. Interest rates on the loan are currently 3.75% for 30 years with the potential for a 24 month deferment. Loan amounts are capped by 24 months of gross margin (2019 revenue - 2019 cost of goods sold) X 2.

Small businesses are defined as fewer than 500 employees. Applicants must have been in business prior to January 31, 2020 to be eligible. A credit score over 570 ensures an easier application process; a credit score under 570 requires submission of additional paperwork. Businesses borrowing more than $200,000 will need a personal guarantee while business collateral is required for loans over $25,000.

Businesses who received prior loans through EIDL can increase their loan amount up to a maximum of $2 million. Login using your existing registration and complete form 4506T.  New applicants can visit SBA.gov's EIDL page to register and apply using business, owner and bank information. Call SBA at 1-800-659-2955 for more information. Or reach out to the Town by emailing mcherubino@townofglenville.org or calling 518-688-1218.