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Indiana small businesses eligible for federal coronavirus disaster loans
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Indiana small businesses eligible for federal coronavirus disaster loans

Small businesses in Northwest Indiana, and across the Hoosier State, are eligible for financial assistance following a coronavirus disaster designation by the U.S. Small Business Administration.

The SBA announced Wednesday night that small businesses, non-profit organizations and small agricultural enterprises impacted by COVID-19 may apply for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses.

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"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," said SBA Administrator Jovita Carranza.

"Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing."

According to SBA, the loans have an interest rate of 3.75% for small businesses and 2.75% for non-profit organizations.

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A 30-year repayment term is available to entities demonstrating a credit history, ability to repay the loan, genuine Indiana ties and working capital losses.

Loan applications and additional information can be found online at disasterloan.sba.gov/ela. Applicants also can contact the SBA Customer Service Center at 800-659-2955. The application deadline is Dec. 18, 2020.

Indiana Gov. Eric Holcomb requested Tuesday that the SBA open its Economic Injury Disaster Loan program to Hoosier enterprises.

He said the loans "will provide much needed financial support to small business owners who are weathering the impact of the coronavirus outbreak."

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"Small businesses play a critical role in driving Indiana's economy forward, with more than 512,000 employing 1.2 million Hoosiers across the state," Holcomb said.

The governor also has directed the Indiana Small Business Development Center, co-located with Purdue University Northwest at 9800 Connecticut Dr. in Crown Point, to provide free business advising and application assistance for small businesses impacted by the COVID-19 outbreak.

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Under SBA rules, the Indiana disaster declaration also makes businesses in counties located adjacent to Indiana eligible for the same relief, including Cook and Will counties in Illinois.

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