Gov. Tom Wolf on Thursday announced the availability of low-interest loans for small businesses and eligible nonprofits in all 67 counties in Pennsylvania through the U.S. Small Business Administration.
The loans are being made available as a response to the needs of small businesses affected by the coronavirus pandemic.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue.
The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for nonprofits is 2.75%.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
“Thank you also to members of our congressional delegation, including Reps. Glenn Thompson, Chrissy Houlahan and John Joyce for their assistance in expediting our request.”