COLUMBUS, Ohio-Businesses and nonprofits in Ohio that are struggling because of the coronavirus crisis are now eligible for long-term, low-interest federal loans of up to $2 million each, Ohio's two USA senators announced Thursday.
"The Florida Small Business Emergency Bridge Loan is created to get cash into the hands of small businesses so they can keep their doors open during a crisis", DeSantis said in the release. Repayment periods of up to 30 years are available.
In the meantime, Alabama Small Business Development Center hosted a webinar to help those small business owners prepare to apply for the loans once they become available.
"Typically, when we talk of disasters, it's really localized to a certain area", she said. The expanded loans would be available to any small business that has suffered from lack of demand or forced closure like bars, coffee shops and restaurants. "These temporary measures are vitally important to public health, but they present challenges for the day-to-day operations of many small businesses".
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Alabama Department of Commerce Secretary Greg Canfield said the department's Office of Small Business Advocacy has heard from many small business owners who are hurting because of the slowdown caused by the pandemic.
With unprecedented demand for the loans nationwide, processing of the applications may be delayed.
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Herndon said bankers across the state are assisting Kansans by making new loans, amending terms and conditions to existing loans and otherwise working with borrowers adversely impacted by the pandemic. But that takes time, money and hard work.