5 Small Business Loans That Have Launched in Coronavirus Relief Effort
Photo Credit: Getty Images

5 Small Business Loans That Have Launched in Coronavirus Relief Effort

Due to the coronavirus pandemic, many small businesses are forced to close their doors, struggle with payroll, and lose out on income as many would-be patrons are quarantined. To combat financial struggles many organizations have stepped up to the plate and are providing loans to small businesses to keep them afloat for the duration of the COVID-19 outbreak. Here is a list of loans offered to small businesses that are in coronavirus distress.

Invest Atlanta Business Continuity Loan Fund

Invest Atlanta has established a business continuity fund of $1.5 million to offer small businesses in Atlanta zero-interest loans. The fund was issued to the organization by the city’s mayor, Keisha Lance Bottoms and the City Council. Loans range from $5,000 to $30,000 per applicant. 

Michigan Strategic Fund 

The organization has voted and approved a $20 million economic relief fund for small businesses in Michigan who are struggling to make payroll and cover their company’s bills. According to Michigan Live, an estimated 117,000 businesses and 593,000 employees have been directly impacted by the coronavirus outbreak. The fund will be evenly divided with $10 million going towards grants and $10 million for low-interest loans.

Los Angeles Emergency Microloan

The city of Los Angeles announced its emergency microloan program to support local community-based businesses. The loans will range from $5,000 to $20,000 with interest rates ranging from zero percent to five percent.  

Florida Disaster Loan

The state of Florida has a disaster loan program to aid for-profit privately held businesses within the state. Eligible borrowers must own 51 percent of the company’s equity and be operational before March 9, 2020. 

U.S. Small Business Administration (SBA) Economic Injury Disaster Loan

The SBA is currently working with state governors to provide low-interest loans to nonprofits and small businesses across the country who have been impacted by COVID-19. The SBA loan can provide up to $2 million in working capital loans to help small businesses battle income loss during the pandemic.