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Posted on Wed, 01/25/2012 - 01:14 PM by
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The local business owners of JOPLIN, Mo struggling to overcome May 22nd tornado now are left with less than three weeks to apply for ‘Economic Injury Disaster Loan’ (EIDL) from the US Small Business Administration. Companies and non-profit organizations can apply for disaster loans even if they did not sustain physical damages due to the tornado. The loans can be utilized by companies to pay bills and salaries to employees. It can also be used to repair damages caused as a result of the storm. Businesses can apply for the grant even if their own office is not hit by the storm. EIDL is specifically meant to keep the business in operation until the recovery takes place. The deadline for the EDIL is Feb 9th. The original deadline was Aug 26th for businesses on the storm path. But, now the deadline has been extended to Feb 9th. Kevin Wynne, spokesman SBA, says that Economic Injury Disaster Loan deadline is kept at a later date because it takes time for businesses to understand the impact and level of damage caused by natural disaster. It also takes time for businesses to realize that they have started to lose revenue. It also requires time to generate profit-and-loss statements. SBA, so far, made 92 ‘Economic Injury and Disaster Loans’ to Jasper and Newton County businesses. The loans are valued more than $11.7 million. So, far $250,000 is approved for not-for-profit organizations. The terms of the loans is kept at 30 years with no cost for applying. Maximum amount that can be borrowed is $2 million. The default rate for SBA loans nationwide is 10 percent.
MORE NEWS FROM BIZ2CREDITSRDC Is Offering Loans Through RLFSouthwest Regional Development Commission (SRDC) is offering loans through revolving loan fund (RLF). Its purpose is to have a direct financing tool making loan funds available so as to assist in retail, manufacturing, and distribution businesses. Sound Business Plan is key for Business LoanA solid business plan makes it easy for the business to get access to credit. A solid business plan helps to win customers and it also becomes a strong calling card to secure business loans. Loan Approval Rate Declines Due To Fall in SBA GuaranteeBiz2credit finds overall approval rate of small business loans to increase in April compared to a year earlier. Alternative lenders approved 63% of small-business loans compared to 53.6% a year ago. Approval rate of credit unions is 57.4%, small banks 45.9% and big banks 10.6%. The approval rates are more compared to a year earlier. Minority Business LoanMinority business loan as the term describes is a type of financial help provided to the people of minority background for their business and commercial purposes. Such loans also come in different categories like small business loan, large business loan, loans for men and women. However, the provision of customized loan program is also available as per the specific requirement of a customer or a minority business owner. Likewise, government organizations are also assisting minority businesses and playing a vital role for their business growth including the lower income group. These government bodies not only meet the financial requirements but also socially fortify the financial backward divisions. Besides, women minority business owners are also unrestricted to get the benefit of these loans. In fact certain non-profit organizations are also proactively participating in minority business loan programs with the purpose of advancement of these minority groups. Bernanke Talks Of Loan Possibilities Post RecessionBen Bernanke, the Federal Reserve Chairman, has declared that it has become easier for consumers and businesses to borrow loans as banks are shoring up balance-sheets. Credit Unions have seen significant signs of improvement in several areas. RELATED SMALL BUSINESS NEWSDon’t push when you can pullNo selling required There is a better way of winning new customers than pushing you and your B2B offer at them. Customers love it because they’re buying rather than being sold to. You’ll like it because it feels better than selling and you’ll get more long term business from it. U... You’re the Boss Blog: White House Opposes Small-Business Contracting Provision in Defense BillIn a statement, the administration called higher goals for small-business contracting "laudable but overly ambitious." ... How the 'Little Guy' Can Partner With Big CompaniesIf you're a little guy, there are plenty of ways to partner with a much larger company. Here are seven. ... "Scott Thompson Was A Terrible CEO" And Other Snippets From Fred WilsonAs always, Fred Wilson had a lot of insights share this morning at TechCrunch's Disrupt conference in New York. Here are some of the highlights from his talk with the always barbed Mike Arrington:... What Job Are You Helping Your Customers Do?Marketing is often described in terms of a product life cycle. The development, the launch, continued support, and finally, discontinuation all have specific marketing efforts associated with them. From social contests to reduced prices and giveaways, the emphasis is nearly always on the product or service provided. However, this does not take into account the way that customers actually search for and find products. |
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This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to info@biz2credit.com