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CCREDC Assisting Local Businesses

Resources and Mitigation Coronavirus

Published Monday, March 16, 2020

Corpus Christi Regional Economic Development Corporation Assisting Local Businesses with Resources on Coronavirus

March 14, 2020

 

CORPUS CHRISTI, TX – The Corpus Christi Regional Economic Development Corporation (CCREDC) is working to provide local businesses with resources that will help offset the negative impacts of COVID-19 (Coronavirus).

The Small Business Administration (SBA) also is gearing up to provide response for small businesses. SBA is assisting impacted business owners with counseling and navigating their own preparedness plans through its network of 68 District Offices and numerous Resource Partners around the country. The SBA is continuing to provide the most effective and customer-focused response possible.  

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for a small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

Process for Accessing SBA’s Coronavirus (COVID-19) Disaster Relief Lending

  • The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
  • Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the coronavirus (COVID-19).
  • SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
  • Once a declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities.
  • 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 without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
  • SBA offers loans 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.
  • SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.

For additional information, please contact the SBA disaster assistance customer service center anytime and someone will assist you. Call 1-800-659-2955 or send an e-mail to disastercustomerservice@sba.gov.

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