Low-Interest Loans for Arts Businesses and Nonprofits

March 20, 2020

Creative Pinellas wants to spread the word about a federal disaster loan program the Small Business Administration just put into effect. These loans provide low-interest (2.75% for nonprofits) loans for small businesses and nonprofits.

These Economic Injury Disaster Loans are to help meet working capital needs caused by the Coronavirus. All 67 Florida counties are included in the disaster declaration for Coronavirus.

Many government assistance loans don’t cover nonprofits, but this one does. 

“I am encouraging all small businesses located in Florida to visit the SBA Disaster Assistance website and submit your application today,” said SBA South Florida District Director Victoria Guerrero. “While there, you will find information on how to contact our customer service team who can answer any disaster-related application questions. You can also reach out to one of our many resource partners for application assistance.”

SBA Resource Partners information can be obtained on the SBA website at sba.gov/local-assistance/find.

SBA Economic Injury Disaster Loans offer up to $2 million in economic assistance to help small businesses overcome the temporary loss of revenue resulting from the disaster. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

Loan amounts are set by the SBA and based on each applicant’s financial condition. Repayment terms are up to 30 years. 

To apply, visit the SBA Disaster website at disasterloan.sba.gov/ela.

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