To date, the SBA has approved $197 billion in low-interest loans, which provides working capital funds to small businesses, non-profits and agricultural businesses.
“Following the president’s declaration of the COVID-19 pandemic, the SBA has approved over 3.6 million loans through our Economic Injury Disaster Loan program nationwide,” Jovita Carranza, administrator at the SBA, said. “The EIDL program has assisted millions of small businesses, including non-profit organizations, sole proprietors and independent contractors, from a wide array of industries and business sectors, to survive this very difficult economic environment.”
EIDL loan applications will continue to be accepted through December 2021, pending the availability of funds. Loans are offered at a 3.75% interest rate for small businesses and a 2.75% interest rate for nonprofit organizations. The loans have a 30-year maturity and an automatic deferment of one year before monthly payments begin.
Commercial lending is incredibly behind consumer lending when it comes to technology. How can the equipment finance industry learn from the consumer space? What technology trends does the industry need to adopt to thrive as we head into 2021 and... read more
Over the course of Rich Doherty’s 43 years in the equipment finance industry, he has held a variety of roles at companies we all know well — CIT, Banc of America and PNC, to name a few. “Rich brings a... read more