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The following is an update on U.S. Small Business Administration loans during this time. Go to disasterloan.sba.gov for applications. No cost to apply and no obligation. Turn around time is about 21 days.
Emergency declaration loans up to $2M, fixed rate for 30 years. Eligible businesses are those that are directly/indirectly affected by disaster. Ineligible businesses – religious organizations, charitable organizations, gambling, agriculture.
Need to be a small business (under 500 employees), in certain NAICS codes, have under $5M in net profit and less than $15M in total net worth since 2017. Credit history should be decent and have ability to repay. Need to have a physical location in Ohio. Company needs to know what their losses are because that information will determine amount of loan.