SBA EIDL Loans Are Available for Non-Profits

It seems that many Non-Profits I know are not aware that they are eligible for SBA Economic Injury Disaster Loans. Through this program, an NPO can apply for up to $500K today. This amount is expected to increase to $2M any day. For Non-Profits, the rate of the loan is 2.75% fixed for thirty years.

Regular SBA loans are typically available only for for-profit businesses. However, the EIDL is an exception. If you volunteer with a Non-Profit that has been hurt during the Pandemic, this program presents an excellent opportunity to stabilize and have a long time to pay the loan back at a low rate.

For those who are interested, more information can be found at www.sba.gov.