The COVID-19 pandemic is causing significant strain for many businesses across the globe. We have gathered a few resources that can help guide you through these uncertain times.
The U.S. Small Business Administration (SBA) has been working hard to help small businesses overcome this difficult time. The SBA offers several loans for small businesses like yours, here are a few.
Types of Loans:
- Economic Injury Disaster Loan Program. This is a low-interest loan designed to help small businesses and non-profits impacted by declared disasters. Your business may be eligible for working capital loans of up to $2 million. The loans are meant to help the loss of revenue businesses are experiencing as a result of a crisis.
- SBA Express Loans. The SBA makes its decision within 36 hours with SBA Express loans and goes up to a maximum of $350,000. Keep in mind, once approved, it can still take weeks or months to get an actual lender. Additionally, Express loans tend to have a higher interest rate.
- Microloans. These are smaller loans, often offered by community lenders. You can apply for a microloan of up to $50,000. These loans are typically processed faster than more substantial loans.
SBA Loan Requirements:
- You’ll need to submit a business plan, business financial statements, and federal and state tax returns from the past three years.
- Although the SBA doesn’t publish credit score minimums, the stronger your credit score, the better your chances are of securing the loan.
- You may also be required to put up collateral and personally guarantee payment of the loan.
For more information regarding COVID-19, the SBA has a guide to stay informed.
Other Lending Options
Beacon Funding also provides loans to small business owners when things don’t go as planned. We understand that shutting your business down can have a significant impact on your cash flow want to ensure you have the cash necessary to get you through to the other side.
Our Sale-Leaseback Program. gives you the option to sell your equipment to Beacon Funding and use the cash for your business needs. We then lease it back to you over an agreed period of time. You receive the money from the sale, while still using your equipment to make you money. You then reclaim ownership at the end of the lease term.
More Small Business Relief
We Are Here For You
COVID-19 has brought a lot of uncertainty and financial difficulties, but there are many resources available to you as a small business owner. Beacon Funding is here to help you get through this difficult time.