Post by – Joe Allen –
SBA EIDL Loans and Your Contractors
Far too many contractors do not have the information they need regarding SBA EIDL Loans (Economic Injury Disaster Loans) and how they can help.
These loans have massive benefits which can allow contractors to operate as normal and secure bonding for future projects during these uncertain times.
✯Many contractors can qualify for $150,000!
✯The rate for small businesses is 3.75%.
✯Approval can be in less than 3 days!
✯EIDL loans have favorable terms of up to 30 years with the first payment not due until 12 months after receiving the funds.
✯The application process is simple and takes less than 30 minutes to complete. If your credit rating is low, you may still qualify. The SBA uses your Experian credit score, so be sure to know the information prior to submitting your application.
✯The SBA can issue emergency EIDL Grants up to $10,000. These Grants will end on December, 30th 2020.
✯Unlike the PPP loans many applied for, EIDL loans can be used to cover any business expense and is not subject to SBA imposed use. EIDL loans can be used to cover payroll, inventory, pay debts and other expenses.
✯An EIDL loan can be used as working capital and can help your contractors qualify for bonding!
For questions or additional information, please don’t hesitate to reach out!
Michael D Williams
Owner and CEO of CCI Surety, Inc.
(866) 317 – 3294
Contact CCI Surety Today!
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