1. Home
  2. Local Business News

Category: Local Business News

Date: March 18, 2020

Description: On Wednesday, the Small Business Administration announced that the nation’s small companies adversely impacted by COVID-19 can now apply for disaster loans up to $2M to offset temporary revenue losses resulting from the pandemic. Loan amounts are based on each applicant’s financial condition with repayment terms up to 30 years.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the coronavirus.

“Timing is everything as we navigate this crisis,” Ohio Governor DeWine said.  “I am encouraging all small businesses located in the Ohio to visit the SBA Disaster Assistance website and submit your application today.”  While there, you will find information on how to contact our customer service team who can answer any disaster-related application questions. You can also reach out to one of our many resource partners for application assistance.

Businesses can also find local SBA Resource Partners information on SBA’s website.

SBA Economic Injury Disaster Loans offer up to $2 million in economic assistance to help small businesses overcome the temporary loss of revenue resulting from the coronavirus pandemic. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

Interest rates offered are as low as 3.75% for businesses without credit available elsewhere – businesses with credit available elsewhere aren’t eligible. The interest rate for non-profits is 2.75%.

Loan amounts are set by the SBA and based on each applicant’s financial condition. Repayment terms are up to 30 years.

For additional information, contact the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

The deadline to apply for an Economic Injury Disaster Loan is Dec. 18, 2020.

 

Link to full Article: 

 

 

BB&T, SunTrust And NCRC Announce $60 Billion Community Investment Commitment For New Truist Bank

BB&T, SunTrust And NCRC Announce $60 Billion Community Investment Commitment For New Truist Bank Dated: July 16, 2019 Description: Corporation (NYSE: BBT), BB&T and SunTrust Banks, Inc. (NYSE:STI) and the National Community Reinvestment Coalition (NCRC) today announced the creation of a three-year, $60 billion community benefits plan for the region served by Truist Financial Corporation, the combined company to be […]

Need disaster cash? Small businesses can contact state agency for info on SBA Emergency Loans

Dated: March 16, 2020  Description:  Governor Tom Wolf, state economic agencies, and the Small Business Administration said Monday that they will open the spigot of loans for small-business owners in the face of coronavirus-mandated shutdowns.   Many small businesses in Pennsylvania will be hit hard. This article talks about some of the problems in getting to this funding and what […]

BB&T and SunTrust Complete merger of Equals to Become Truist Bank

BB&T and SunTrust Complete merger of Equals to Become Truist Bank Dated: December 9, 2019 Description: Truist Financial Corporation announced Monday the completion of the merger of equals between BB&T Corporation and SunTrust Banks, Inc., that became effective Friday, December 9, 2019.Truist is now the sixth largest U.S. commercial bank, serving approximately 10 million consumer households and business clients. Link […]

What is a Community Benefits Plan (CBA) and how can the Truist Bank CBA be utilized to help our community in Philadelphia, PA?

What is a Community Benefits Plan (CBA) and how can the Truist Bank CBA be utilized to help our community in Philadelphia, PA? Dated: January 28, 2020 Description:  The article defines the use and purpose of a Community Benefits Agreement and shares more detail on the Truist CBA and how the funding is broken down. Link to Full Article (PDF)