Alex Kohls of the SBA’s Columbus District Office led an informative webinar yesterday on the Small Business Association’s Economic Injury Disaster Loan Program.
If you were unable to attend, I recommend viewing the transcripts from the presentation. We were having issues playing the audio back, but found much of the useful information in the text of Alex’s conversation.
A couple takeaways that I found to be important:
1. If you are planning to apply or anticipate the need in the near future, please apply ASAP! There is no cost to apply for the line and there’s no obligation to actually take the one if you’re approved.
2. Apply ONLINE (https://disasterloan.sba.gov/ela/) if possible. The current response time online is ~2-3 weeks, and much longer if submitted by mail. There are fifty states worth of companies that are submitting applications as we speak, so you want to be able to get it in asap before the response time gets longer due to demand.
3.The current wait time on the 1-800 Help number is 2-3 hours. If you have questions, contact Alex Kohls ((614) 633-6372, firstname.lastname@example.org) from the SBA district office first. The SBA district office can answer many of the questions much quicker answer then by just waiting on line or on hold on the 1-800 line.
4. Make sure your application is complete! Missing information at the biggest cause of delay and processing if you fail to fill out a section, if you only fill it out, partially, if you forget to upload a document. A local Small Business Development Center should be able to provide free assistance with some of the financial documents that you will need (closest SBDC is Warren County: https://www.warrencountysbdc.org/)
5. Tell your story! Towards the end of the application there’s a text box for any kind of notes. That’s where you would put that information about your story or discussing a little bit more about what kind of need you have for your business that will help make your application stand out.
Please contact Alex Kohls directly (614) 633-6372, email@example.com) or the Chamber (937-728-7075, firstname.lastname@example.org) with any questions regarding the SBA Loan process.