When we think about the fabric of America–the very essence of our culture is derived from the spirit of entrepreneurism. Small-businesses are, and always have been, the backbone of the American economy and the cornerstone of our communities. At the U.S. Small Business Administration (SBA), our job is to support small business owners and entrepreneurs at every stage of the journey to small-business success. As the District Director for SBA’s Los Angeles District Office, I assure you my team and I are here for you. We are honored, proud and dedicated to continue to assist our community to achieve or recover their entrepreneurial dreams.
As we continue to navigate the ongoing effects of COVID-19 together, the SBA Los Angeles District Office would like to make sure that the resources our entrepreneurial community needs are readily available. With the national emergency declaration, the federal government is leveraging all its power, and has taken decisive action to ensure state/territory, local, and tribal leaders have the resources they need to provide protective measures for their communities and limit the spread of COVID-19 in the U.S. The collective resources for this can be found at usa.gov/coronavirus or en Español, gobierno.usa.gov/coronavirus.
The SBA is focused on providing assistance to small businesses impacted by this health emergency with recovery, counseling, mentoring, and preparedness resources. An overview of these resources can be found at sba.gov/coronavirus.
In light of the effects of COVID-19 on our national small business community, the SBA has been authorized to offer Economic Injury Disaster Loans (EIDL) to small businesses and private nonprofits in need of working capital and support with operating expenses.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business/private nonprofit and can provide vital economic support to small firms to help overcome the temporary loss of revenue they are experiencing. 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. The interest rate is 3.75% for small businesses and 2.75% for private, nonprofit organizations. These loans are offered 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.
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155-2243
For additional information, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) e-mail firstname.lastname@example.org.
The SBA has a vast network of resource partners, such as Small Business Development Centers, Women’s Business Centers, Veterans Business Outreach Centers and SCORE mentors, available virtually and over the phone to assist with any business development or recovery needs. These resources are available in a wide breadth of languages. To find the resource partner nearest you, visit sba.gov/local-assistance.
The SBA’s Los Angeles District Office is available to support our small-business community as we move through these challenging times together. For the most up-to-date information, follow us on Twitter at @SBA_LosAngeles, visit our website at sba.gov/ca/la, email us at email@example.com, or call us at 213-634-3855.