HARLINGEN, Texas – The Rio Grande Valley Partnership and the U.S. Small Business Administration want to help small businesses impacted by the Coronavirus.
During a webinar on Wednesday, Angela Burton gave in-depth information about the Economic Injury Disaster Loan program, taking questions from small business owners.
Burton is district director for the Lower Rio Grande Valley District Office of the SBA.
The webinar was hosted by RGVP, with its president, Sergio Contreras, moderating the discussion.
In her remarks, Burton explained she has money to give out. Lots of it – for qualifying small businesses that have been hurt by the coronavirus.
Under the Economic Injury Disaster Loan program, small businesses can apply for loans of up to $2 million and not pay any money back for the first 12 months. The money can offset losses to a company’s operating budget, including payroll and raw materials The interest rate is 3.75 percent for private companies and 2.75 parent for private nonprofits. Pay back is over 30 years.
Burton says there is no cost to apply and applicants do not have an obligation to take the money. It will be available for up six months, she explained.
Burton said she always tells small businesses to apply, because they have nothing to lose.
Burton said because a number of stimulus bills are coming thick and fast out of Washington, things are changing “every second” at the SBA.