In response to the COVID-19 situation, Oregon Small Business Development Centers across the state currently remain open and available to assist businesses. All Centers are operating virtually. Contact your COCC SBDC at 541-383-7290 or sbdc@cocc.edu to schedule an appointment via phone or video conference.
The SBA’s Federal Program Now Accepting Applications for Agricultural Businesses
The SBA recently reopened the Economic Injury Disaster Loan Program (EIDL) program exclusively for agricultural businesses. Please note that EIDL applications from non-agricultural businesses that were submitted in the first round of funding may still be in process with the SBA.
The EIDL program is a loan that offers longer term financing with up to $10,000 in forgiveness and a rate of 3.75 percent for small businesses. This is a loan directly from the Small Business Administration. Agricultural businesses can now apply for this program directly on the SBA website. (Agricultural businesses are not eligible for PPP funds.)
This loan program offers:
- 3.75 percent interest for businesses
- 1 year payment deferral
- 15- or 30-year term
- Up to $10,000 Advance (calculated as $1,000 per employee) may be forgiven if used on eligible expenses
Unlike the Paycheck Protection Program, the EIDL is a loan that has a high maximum value. To be forgiven, the EIDL Advance must be used for qualifying expenses as follows:
- Providing paid sick leave to employees unable to work due to the direct effect of the COVID–19.
- Maintaining payroll to retain employees during business disruptions or substantial slowdowns.
- Meeting increased costs to obtain materials unavailable from the applicant’s original source due to interrupted supply chains.
- Making rent or mortgage payments.
See our fact sheet. Contact us at 541-383-7290 or sbdc@cocc.edu. Not in Central Oregon? Locate your local SBDC at bizcenter.org.
