Local small businesses affected by the coronavirus may be eligible for funding to meet financial obligations and cover operating expenses. There are several options available through SBA, California Small Business Loan Guarantee Program and Disaster Relief Loan Guarantee Program. As a SBA Preferred Lender, Bank of Southern California can help your business obtain necessary funding. To learn more about any of the programs featured below, contact us today.
California Small Business Loan Guarantee Program & Disaster Relief Loan Guarantee Program
The Small Business Finance Center (SBFC) partners with Financial Development Corporations to provide loan guarantees and direct loans for local small businesses and eligible nonprofits that experience capital access barriers. Funds may be used towards physical damage and economic costs caused by natural disasters.
Economic Injury Disaster Loans (EIDL)
The U.S. Small Business Administration’s EIDL program provides low-interest, long-term economic injury disaster loans to small businesses, small agricultural cooperatives, and most non-profit organizations to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. The EIDL program allows for a one-year deferment.
Existing SBA Disaster Loans
As of March 23, the U.S. Small Business Administration announced an automatic deferment on existing SBA Disaster Loans through December 31, 2020, to help borrowers during this challenging time. Borrowers of home and business disaster loans do not have to contact the SBA to request the deferment.
Small Business Line of Credit
Many companies impacted by the coronavirus have secured a line of credit as a precaution to help boost cash reserves. A line of credit can provide flexibility to address market uncertainty or support unexpected business needs, should they arise.
If you are interested in securing a line of credit or discussing how Bank of Southern California might be of assistance during these uncertain times, please contact your account officer or call your local branch.
Bank of Southern California also offers a variety of products and services to help make the transition from the office to working-from-home smooth and effortless. To learn more about features such as Remote Deposit Capture, ACH origination, local Lockbox services and more, contact your local branch.