Mar 20, 2020

Economic injury disaster loans available to Vermont businesses

Gov. Phil Scott announced today that Vermont small-business owners affected by the COVID-19 pandemic may apply for Small Business Administration disaster loans. The SBA Economic Injury Disaster Loan program offers up to $2 million in financial assistance per business, in the form of a loan with a 3.75% interest rate for small businesses, and 2.75% interest rate for nonprofit organizations. The loans are repayable during a period of up to 30 years. The funds can be used for fixed debts, payroll, accounts payable and other bills that otherwise would not get paid due to the pandemic.

Scott emphasized that businesses still should exercise caution when taking on additional debt, and highlighted the additional resources available from Vermont’s business technical assistance provider network.

For more information and to apply online, visit https://disasterloan.sba.gov/ela/.