Business Disaster Relief Resources
Bank of Sun Prairie is providing this resource list as a service to our customers. Let us know if and how we may help you during this time. You can reach us at 608.837.4511 or via [email protected] To find one of our business bankers directly, click here.
U.S. Small Business Administration (SBA) Coronavirus Disaster Recovery Loan
Congress recently awarded the SBA an unprecedented $50 Billion for disaster loan funding applicable to businesses that reside in designated states and territories. The entire state of Wisconsin has been declared a disaster zone and thus is eligible for such funding. This enables local business to apply for an Emergency Economic Relief Loan from the SBA. Applying directly through the SBA is the most time efficient method to obtain funding for such relief.
- Business owners are to apply online via https://disasterloan.sba.gov/ela/information/applyonline
- Eligible businesses can receive funding up to $2,000,000 based on their economic injury and their ability to repay the loan.
- The first twelve months of payments for any loan granted through this program will be deferred.
- A business owner with multiple businesses all in need of funding will fall under one loan application.
- Businesses with current or former SBA loans will not have their eligibility restricted so long as they are/were in good standing and compliance. SBA industry restrictions (gambling, multilevel marketing companies, etc.) will remain in effect. Business owners should note on their applications that they do not have access to credit elsewhere.
- After approval the business owner will work with an SBA case manager to coordinate closing and funding.
- Loan interest rates are set at 3.75% for businesses with long term amortizations available.
- Private nonprofit organizations are also eligible for funding thru this program.
- For more info, visit https://www.sba.gov/disaster-assistance/coronavirus-covid-19
SBA Express Bridge Loan Pilot Program
Ahead of the third stimulus package currently working its way through the process, the Small Business Administration (SBA) announced the availability of another program, the Express Bridge Loan Pilot Program (“EBL”), beginning 3/25/2020. Current Express Loan lenders (authorized as such prior to the pandemic) may use this with existing small business customers to help overcome the temporary loss of revenue. Bank of Sun Prairie is a current Express Loan Lender.
- Loan is done through Bank, with SBA providing a 50% guaranty
- Available to small businesses with existing banking relationship with Bank as of 3/13/2020
- Applicant’s business must have been operational as of 3/13/2020
- Applicant must demonstrate that it has been adversely impacted by the COVID-19 emergency
- EBL loan proceeds must be used exclusively to support the survival and/or reopening of the small business
- $25,000 max loan amount
- Up to seven year term and amortization
Wisconsin Economic Development Corporation (WEDC) Grants
The WEDC will be offering up to $20,000 in grants to businesses through its new Small Business 20/20 program. Business owners seeking such grants will need to apply through their local Community Development Financial Institution (CDFI).
- Madison located CDFI’s that will facilitate the application and funding process include:
- Businesses seeking grants via the SB 20/20 need to be current borrowers of a Wisconsin based CDFI in some form or another.
- For businesses that are not currently borrowers of a CDFI please note that WEDC has more grant programs in the pipeline with details to be released in the coming weeks.
- For more info, visit https://wedc.org/programs-and-resources/small-business-2020
Disclaimer: This list is not definitive, more funds and resources are becoming available all the time. We will do our best to update this list as more information becomes available. Bank of Sun Prairie makes no representation regarding the likelihood of success in receiving any of the funds or loans listed above, and for full application material, conditions, and eligibility you must check and apply directly with the organizations providing the resources.