SBA approves disaster loans to 'small businesses'

The U.S. Small Business Administration (SBA) has approved availability of Emergency Impact Disaster Loans (EIDL) to Oregon “small businesses.”

Friday’s announcement about loans to offset losses from the COVID-19 crisis followed requests from Oregon’s governor, congressional delegation and business associations.

Definitions of “small business” are based on industry-by-industry differences in annual revenue and/or number of employees. In some industries it can include millions of dollars in revenue and 1,000 or more employees – information about those parameters can be found on the SBA website at sba.gov.

The interest rate is 3.75% for loans to small businesses and 2.75% for non-profit organizations. Funds can be used “to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

Repayment plans for the SBA loans can range up to a maximum of 30 years.

Businesses with sufficient information to make an application can go directly to this SBA web page: https://disasterloan.sba.gov/ela. In Yamhill County, businesses needing additional assistance can contact SEDCOR for help by going to EIDLoan@sedcor.com.

SEDCOR encourages businesses to contact their local banking institutions to ask about availability of other special programs and resources available for situations of substantial economic injury.

Regional economic development partners, at Gov. Kate Brown’s request, have created Coordinated organizations for Recovery Efforts (CORE) to share information and develop resources “to help mitigate financial impacts of the COVID-19 pandemic.”

The CORE group includes Mid-Valley Regional Solutions, Business Oregon, Willamette Workforce Partnership, Mid-Willamette Valley Council of Governments, Chemeketa Small Business Development Center and SEDCOR. Jody Christensen of McMinnville, former director of the McMinnville Economic Development Partnership, is the representative to CORE from Mid-Valley Regional Solutions.

In McMinnville, representative of five economic development organizations continue meeting monthly as a group named “Stable Table.”