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President Trump is providing a $350 billion relief package to small business owners affected by the coronavirus outbreak as part of sweeping efforts to hinder the economic impact of the growing pandemic in order to put America back to work.
For eligible small businesses within the U.S. States and its territories, the uses of proceeds include: disruption caused by coronavirus, working capital; expansion/renovation; new construction; purchase of land or buildings; purchase of equipment, fixtures; lease-hold improvements; refinancing debt for compelling reasons; seasonal line of credit or inventory. More capital available to more businesses and requirements are being lowered.
“This is not a financial crisis," Trump said during a primetime address from the Oval Office. "This is just a temporary moment of time that we will overcome as a nation and as a world.”. The low-interest loans are one of several Trump-backed initiatives to reassure businesses after days of market volatility.
The Small Business Administration (SBA) 7(a) Loan Guarantee program is one of the most popular loan programs offered by the agency and is the basic SBA loan program. A 7(a) loan-guarantee is provided to lenders to make them more willing to lend money to small businesses with weaknesses in their loan applications.
Your business must be defined as a small business by the SBA to be eligible for the SAV 7(a) loan. You must be operating for profit within the U.S. or its possessions. You must have the resources to invest your assets in your business, and you must show that the loan is for a sound business purpose. Also, you must not be delinquent on any existing debt obligations to the U.S. government (such as student loans).
Most types of businesses are eligible. The 7(a) loans may be used for such business purposes as purchasing land or buildings, equipment, machinery or supplies; for long-term or short-term working capital; for refinancing; or for the purchase of an existing business.
Our MCA funding option gives you a lump sum cash amount to spend any way you deem fit for your business without complicated and lengthy processing, excessive paperwork or restrictions on spending. This type of product makes it easy to secure working capital — leaving you more time to focus on your customers.