Ken Martin has written a piece that’s worth reading for anyone applying for a Small Business Administration loan during the coronavirus crisis.
Martin, operates the Austin Bulldog, a news site with an investigative focus. The entrepreneurial and educational hub, known for its lively music scene, has been hard hit by mandated business closings.
Martin takes deep dives into subjects and SBA loans are no exception.
One key, according to the piece, is to get your business records in order. While the SBA is working on smoothing out the process, loans require documentation. His advice – get your records in order and work with your accountant to plug the gaps.
Martin also noted that the City of Austin is considering a bridge loan program. This is a good idea that would be a worthy supplement to the state’s HELP loan for the hospitality business. The thinking is that the loan is needed while owners wait for the SBA loans to come through.
Martin is a fellow member of LION (Local Independent Online News Publishers), a group that is facing its share of challenges during the COVID-19 crisis.
While on the topic of the SBA, Jim Provo of the Delaware office passed along the following while dealing with a deluge of calls and requests.
The SBA Delaware office is holding a conference call nightly at 8 p.m. via the Zoom app. You can log in at 679 477 2946 on the app. Zoom allows questions to be answered in a group setting.
Provo also took note of the new Express Bridge loan. The loan supports the survival/opening of a small business in Delaware and throughout the nation.
The loan offers up to $25,000, with a rate of prime plus 6.5 percent and a maximum term of seven years. The loan is offered through many of the region’s banks and credit unions and has low documentation.
Provo cautions that inquiries are coming into the Delaware office at a fast and furious rate.
Click here to a link to loan forms and other information
If you have a little free time, check out the nearly 900-page bill.
Stay safe and feel free to forward this information to anyone who may need assistance. – Doug Rainey, chief content officer.