Birmingham SCORE

Birmingham SCORE is dedicated to educating entrepreneurs and encouraging the formation, growth and success of small businesses by providing FREE counseling and no-cost or low-cost educational workshops. 

 

SBA To Provide Small Businesses Impacted by Coronavirus (COVID-19) Up to $2 Million in Disaster Assistance Loans

SBA Administrator, Jovita Carranza, issued the following statement today in response to the President's address to the nation:

"The President took bold, decisive action to make our 30 million small businesses more resilient to Coronavirus-related economic disruptions. Small businesses are vital economic engines in every community and state, and they have helped make our economy the strongest in the world. Our Agency will work directly with state Governors to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation. Additionally, the SBA continues to assist small businesses with counseling and navigating their own preparedness plans through our network of 68 District Offices and numerous Resource Partners located around the country. The SBA will continue to provide every small business with the most effective and customer-focused response possible during these times of uncertainty."

Process for Accessing SBA's Coronavirus (COVID-19) Disaster Relief Lending:

  • The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state's or territory's Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
  • Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the Coronavirus (COVID-19).
  • SBA's Office of Disaster Assistance will coordinate with the state's or territory's Governor to submit the request for Economic Injury Disaster Loan assistance.
  • Once a declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities.
  • 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 they are experiencing.
  • These loans may be used 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% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits 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.
  • SBA's Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government's coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.

 For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

 

Connect with Birmingham SCORE

Free Mentoring

Whether you’re just starting out, in business, or ready to sell or retire, you can get FREE, confidential, business advice from expert advisors committed to helping you succeed. Meet face-to-face in one of our mentoring locations or connect with one of our online mentors.

Find a Mentor

Local Workshops

Register today for our no- or low-cost business training. We provide education on a variety of business topics including marketing, finance and accounting, management, and others. Get instruction from a local expert and connect with other business owners in the community.

Take a Workshop

Browse Library

Owning a business is both exciting and intimidating, but you have lots of support. Find resources to help you make decisions on starting or growing your enterprise. Browse these tools, then contact your SCORE mentor to get help putting your ideas into action.

Browse the Library

Help Make Dreams Come True - Become a SCORE Volunteer

Every year, SCORE volunteers help thousands of entrepreneurs start small businesses and achieve new levels of success in their existing businesses. Volunteering at SCORE is a way for you to give back to your community, connect with fellow business owners, and pass on your knowledge and expertise to the next generation of entrepreneurs in your community.

Become a Volunteer

UPCOMING EVENTS