The Chester County Commissioners, Chester County Economic Development Council, and Chester County Chamber of Business and Industry hosted the second in a series of Telephone Town Halls for local businesses on Friday morning.
Officials discussed how the U.S. Small Business Administration is currently working directly with state governors to provide targeted, low-interest loans to small businesses and nonprofits that have been severely impacted by COVID-19.
Kim Stout, the SBA’s Economic Development and Lender Relations Specialist, outlined the SBA’s Economic Injury Disaster Loan (EIDL) program, which provides small businesses with working capital loans of up to $2 million to help overcome the loss of revenue due to the COVID-19 pandemic.
The interest rate is 3.75 percent for small businesses, and the maximum term is 30 years.
Click here to access guidance and loan resources for small businesses amidst COVID-19 pandemic.
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