“On April 29th, 2020, SBA announced the 2nd round of the PPP and EIDL loan financing. However, due to the back log from round 1 that was not processed yet, most lenders are not taking new applications at this time. You can continue to check with us and the local lender for availability.”
SBA Disaster Loan Program
Alaska Commercial Loan Brokers (ACLB) is helping businesses prepare the SBA Disaster Loan packet. If you or your businesses is struggling with the online process, we can help. ACLB will assist you and your business with the needed documentation, review your documents to make sure they are filled out correctly and then submit them directly to SBA on your behalf.
ACLB does not work for the Small Business Administration and are not paid by them as contractors. We are a for hire business that will help you through the loan process.
As a loan packager, we do charge a packaging fee of $2,500 and you will be invoiced, if you are successful in getting funding from SBA using our services.
Highlights of the SBA Disaster Loan Program:
- Up to $2,000,000
- Interest rates: 3.75% for small businesses; 2.75% for non-profits
- Terms: up to 30 years
- Use of funds: working capital loans used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits or for expansion
What businesses are eligible?
- Businesses must be physically located in a declared county and suffered working capital losses due to the declared disaster.
SBA 7A Lending:
The Small Business Administration (SBA)7A program can helps businesses access loans that are hard to place elsewhere.
The SBA lenders loan is typically guaranteed up to 75% by the U.S. Government’s, which allows SBA lenders to take more risk. This option is great for businesses that would like to expand or buy a business; people looking to start a business or buy an existing business that will be directly managing the business.
The business or person may not have enough cash for a traditional down payment of 25% down or more or enough collateral for a traditional loan. The SBA 7A program can helps businesses access business loans that are hard to place, or who only have 10% down in cash or not enough collateral.