by Sarah Thomack
St. Joseph Post
The COVID-19 pandemic is presenting some uncharted waters for businesses to navigate, but there is a lifeline through a disaster loan program.
Rebecca Lobina is the Regional Director at the Small Business Development Center at Northwest Missouri State University.
Lobina says the Small Business Administration's Economic Injury Disaster Loan Program was approved for businesses to apply for on March 21st. Lobina adds there have been disaster loans through the SBA in the past.
“But they’ve always been for very localized disasters like a flood or a hurricane or a tornado,” Lobina tells host Barry Birr on the KFEQ Hotline. “This is very different because this is our first nationwide declared disaster.”
Lobina says the disaster loan funds are intended to be used for operating capital such as rent, payroll or marketing.
“Any of the expenses that are listed on your Profit and Loss Statement, you can use these monies for,” Lobina says. “They are not intended to be used for purchasing assets, but they are very much so intended to keep you afloat during this time with COVID-19.”
For profit businesses and non-profit organizations can apply except for casinos, gambling establishments, charities or religious organizations.
Lobina says businesses can apply through the SBA website and she encourages anyone with questions about the process to contact her through the Small Business Development Center at (816) 364-4105 or [email protected].