The federal small business loan program designed to support small businesses’ recovery from the pandemic’s economic impact provided capital during a time of need. Economic Injury Disaster Load (EIDL) applications will still be accepted through December 31, 2021 including requests for increases to business’ maximum load amount. Requests received before the deadline will continue to be reviewed until funds are exhausted.

As these funds dwindle, what should small business owners take into consideration next? With the onset of the pandemic, small business owners have become increasingly tuned into the Small Business Administration (SBA) and other government programs. One of these is the SBA 7(a) program which allows capital and equipment loans up to $5 million. Some qualifying loans under $350,000 are available without requiring a lien on a primary residence as well. These loans can be utilized to hire more workers and expand the business without taking a substantial hit to cash flow.

SBA 7(a) along with other resources, programs, grants, and opportunities for small business owners are just waiting to be taken advantage of and we can help you determine next steps.