Ohio Governor Mike Dewine’s request for SBA loans has been approved. Ohio small businesses and nonprofits can apply for loans up to $2 million through the SBA’s Economic Injury Disaster Loan Program. Interest rate for nonprofits is 2.75% with a 30-year term. The loans can be used to pay bills that can’t be paid due to the impact of the pandemic, including fixed debts, payroll and accounts payable.
The loans were also approved for Boone, Bracken, Campbell, Kenton, Mason and Pendleton Counties in Kentucky and Dearborn, Franklin and Union Counties in Indiana.
Economic Injury Disaster Loan Program
The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and nonprofits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Loan applications can be completed online, or applicants can obtain a paper application by calling 1-800-659-2955.
For more information about the loan program, visit SBA’s Resources site.