The Indiana Cooperative Development Center, Inc., reminds cooperatives that they are eligible for Economic Injury Disaster Loans (EIDL) and grants. This program is available through Dec. 31. Select "cooperatives" on the Small Business Administration's application.
The U.S. Small Business Administration (SBA) announced that it is increasing the maximum amount that borrowers may receive through the Economic Injury Disaster Loan program. The new maximum loan amount is $500,000, up from $150,000. The loan is intended to cover working capital expenses for up to 24 months of economic injury.
SBA had also announced that all disaster loans, including Economic Injury Disaster Loans, will have an extended deferment of first repayments until 2022.
SBA Guidance on the EIDL Program can be found at https://bit.ly/3jT3JPw.
Categories: Indiana, Business