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SBA Approves Loans for Arizona Businesses 3.19.2020
March 19, 2020
Small Business Administration Approves Loans For Arizona Businesses Affected By COVID-19
Today, the U.S. Small Business Administration (SBA) approved an Economic Injury Disaster Loan declaration for Arizona that will help small businesses here in the state impacted by COVID-19. Individual businesses can be eligible for up to $2 million through the program.
The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of COVID-19’s impact. The interest rate is 3.75 percent for small businesses without credit available elsewhere. The interest rate for non-profits is 2.75 percent. 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. Small businesses throughout the entire state that fit this criteria are eligible.
Arizona businesses impacted by COVID-19 may apply for the loan HERE.
For program questions or assistance in completing the application online, businesses can contact Disaster Customer Service Center at 1-800-659-2955.