Ohio Governor Mike DeWine and Lt. Governor Jon Husted announced that the U.S. Small Business Administration (SBA) has approved the Ohio Development Services Agency’s request to allow small businesses and nonprofits in Ohio to apply for low-interest, long-term loans of up to $2 million through the SBA’s Economic Injury Disaster Loan program.
The Economic Injury Disaster Loans may be used by Ohio small business owners and nonprofits to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75 percent for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for nonprofits is 2.75 percent.
To keep payments affordable, the loans are long term, with up to 30 years for repayment. Terms are determined on a case-by-case basis, based on each borrower’s ability to repay.
Applying for the SBA loan:
For more information about the loan program, visit SBA.gov/Disaster.
As efforts to combat the outbreak of the COVID-19 virus continue, Governor DeWine and his administration will continue to identify ways to support the state’s small businesses and nonprofits. Any of these entities impacted by the ongoing health crisis are encouraged to contact the Development Services Agency at BusinessHelp@Development.Ohio.Gov for more information.