SBA Lending in Response to COVID-19
As of March 24 at 6AM: Low-interest Economic Injury Disaster Loans (EIDLs) are available to small businesses and private nonprofit organizations affected by the loss of revenue due to the COVID-19 pandemic. At this time, loan amounts up to $2 million are available at low interest rates for a maximum term of 30 years. EIDLs are processed directly by the SBA. For more information and to apply:
- Visit the SBA website
- Call the SBA Customer Service Center at 1.800.659.2955
- Email the SBA at firstname.lastname@example.org.
We recommend having the following on-hand when you apply:
- Completed application (SBA Form 5)
- Tax Information Authorization (IRS Form 4506T)
Along with the following for the applicant, principals and affiliates:
- Complete copies of the most recent Federal income tax returns for the applicant business; and an explanation if not available
- Personal Financial Statement (SBA Form 413)
- Schedule of Liabilities (SBA Form 2202)
The forms above are available for download here.
Due to increased volume, you may experience delays while navigating the SBA website. To help avoid issues, they recommend visiting the site outside of typical business hours.
We are awaiting news on the passage of an economic stimulus bill which we hope will provide more options for banks to support small businesses impacted by the pandemic with SBA loans. We will update our website with information as it becomes available.
In the meantime, our SBA lenders are here and ready for your call if you have any questions you would like to explore.
SBA Loans At-A-Glance
- Loans are backed by United States Small Business Administration.
- Funding from the most common SBA loans can be used for many business purposes including, starting a new business, buying a business, working capital, equipment, furniture, land and building purchases as well as refinance existing debt.
- Loans typically have a lower down payment requirement and offer longer terms as compared to a traditional business loan.
SBA Loans Available at North State Bank
- SBA 7(a): The most popular SBA loan type, with the option to borrow up to $5 million.
- United States Department of Agriculture Business and Industry Loan: Designed to help small businesses acquire fixed assets, such as commercial real estate or equipment in rural areas within the United States. Loan amounts up to $5 million.
Why Choose North State Bank?
What You Can Expect
Simplicity: We have honed our process to be a simple as possible, taking you step-by-step from initial inquiry until closing.
Responsiveness: Our responsiveness is second-to-none. Whether you prefer to stay in touch via phone, email or text, you will find communication to be one of our strengths.
Who Can Qualify
- Be for-profit.
- Operate within the United States.
- Have less than $15,000,000 in maximum tangible net worth and a two-year average net income after federal income tax of $5,000,000.