SBA offers federal disaster loans to local small businesses

The U.S. Small Business Administration. (Photo/U.S. Government Accountability Office)

By Missy Schrott |

Alexandria small businesses that are suffering from the coronavirus outbreak could be eligible for federal economic injury disaster loans.

The U.S. Small Business Administration has declared an economic disaster for several jurisdictions in the region, including Alexandria. This means the SBA will offer low-interest federal disaster loans to small businesses suffering “substantial economic injury” as a result of coronavirus, according to a news release.

The loans offer up to $2 million per small business. They can be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the impact of coronavirus, according to the release.

Only businesses without credit available elsewhere are eligible. Interest rates are 3.75 percent for small businesses and 2.75 percent for nonprofits. Long-term repayments will be available up to a maximum of 30 years.

More information is available at