The Small Business Association (SBA) has many ways of assisting Winnsboro business owners during this outbreak of Corona virus.
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Created in 1953, the U.S. Small Business Administration (SBA) continues to help small business owners and entrepreneurs pursue the American dream. The SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses.
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Their website at https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources has invaluable information for assistance for Small Business owners during the ongoing outbreak of Corona virus.
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They have disaster programs ready to immediately apply for assistance online.
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The “Economic Injury Disaster Loans and Loan Advance” application is online and streamlined for ease. This loan is up to $10,000 -and if you use the funds for payroll, you do not have to pay it back, it converts to a grant. Direct link to application: https://covid19relief.sba.gov/#/
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They also are offering SBA Debt Relief
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Under this program:
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- The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
- The SBA will pay the principal and interest of current 7(a) loans for a period of six months.
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SBA Express Bridge Loans
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Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan, mentioned above. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
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Terms
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- Up to $25,000
- Fast turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan
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The local Small Business Association office for Winnsboro is located in Columbia. Their contact information is:
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SBA District Office
n n1835 Assembly Street Suite 1425
nColumbia, SC 29201
n803-765-5377n
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If you have further questions about loan assistance, please contact Cyndi Gawronski in Grants Administration at “cgawronski@truvista.net or call (803) 815-2947 during business hours of 8-5pm.