Program Description

The Economic Injury Disaster Loan Program (EIDL) can provide up to $2 million of financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage.

The EIDL program provides emergency working capital to help meet necessary financial obligations the business or private, non-profit organization could have met had the disaster not occurred. It provides relief from economic injury caused directly by the disaster and permits you to maintain a reasonable working capital position during the period affected by the disaster. EIDLs do not replace lost revenues or lost profits.

Program Requirements

To be eligible for EIDL assistance, small businesses or private non-profit organizations must have sustained economic injury and be located in a declared disaster area or contiguous county, parish or jurisdiction.

Loan Terms

The SBA can provide up to $2 million in disaster assistance to a business. The $2 million loan cap includes both physical disaster loans and EIDLs. There are no upfront fees or early payment penalties charged by SBA. The loan term is up to 30 years and determined by the businesses ability to repay.

Additional Information

Additional Information
Max Loan Length30 years
Interest RateCannot exceed 4%
Max Loan Amount$2.0 million
Payment FrequencyMonthly
Prepayment PenaltiesNo
Loan Categories
Business books
Business Loans