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An Economic Injury Disaster, or EIDL loan, is a small business loan program created by the Small Business Administration (SBA) as a form of federal assistance for the repair and rebuilding of non-farm, private sector disaster losses.
The EIDL loan can provide up to $2 million of financial assistance - based upon the amount of financial injury - to small businesses or private non-profit organizations that suffer substantial economic injury as a result of the declared disaster in.
As a business owner, this program can be extremely helpful if your business was impacted by an unforeseen disaster. If you, as a business owner, have recently endured an economic injury due to a declared disaster, here's what you need to know about EIDL loans.
An Economic Injury Disaster Loan is a small business loan program used as a form of federal assistance for the repair or rebuilding of non-farm, private sector disaster losses. It exists under the umbrella of Disaster Loan Assistance programs, federally backed to help businesses, private non-profits, homeowners, and renters affected by unforeseen disasters.
To qualify, your business will have to be affected by and located within a declared disaster area. You can check disaster declarations to locate disaster areas by state and territory.
There are several different types of Disaster Loan Assistance loans available to help small or medium-sized businesses when they have been affected by a disaster or unforeseen circumstance.
Please note, these types of loan also qualifies for homeowners and renters affected by disasters, but for the sake of focusing on business owners, we will be discussing relevant loans for small and medium-sized businesses.
Different types of EIDL Loan Assistance Programs can include:
If your business has recently been put at risk due to circumstances such as earthquakes, floods, hurricanes, and other rare events - emergency business funding may be the ideal loan for you.
EIDL loan assistance is available to small businesses when SBA determines they are unable to obtain credit elsewhere. If your business suffered a substantial economic injury and are one of the following types of businesses located in a declared disaster area, you may qualify for this program:
There are four main considerations for an SBA disaster loan - location, credit score, repayment ability, and available collateral.
Your business must also refrain from the following activities to qualify:
We understand the sense of urgency required when it comes to acquiring the necessary funds to keep your business afloat in difficult times. Luckily, there are some distinct advantages you should take into account when deciding to pursue this type of loan.
EIDL loans cannot be used for the following purposes:
At First Union Lending, we have an unwavering belief that small and medium-sized businesses deserve the right to access the capital they need to succeed.
Our goal is to build long-term, lasting relationships by providing business owners with what they need when they need it. We pride ourselves on being educated, knowledgeable, and caring when it comes to how we conduct business. We have voluntarily acquired much of the same licensing required by traditional banks to cement our fiduciary responsibility to our clients and our work culture.
We are here to consult, help you save, and guide you and your business to success.
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