Access to Capital
Access to Capital
The federal government worked swiftly to approve a variety of lending programs backed-by the Small Business Administration (SBA) intended to stabilize businesses during the world-wide COVID-19 pandemic. The primary lending programs are:
- SBA Economic Injury Disaster Loan: Direct SBA lending program, technical assistance provided by the Small Business Development Center (SBDC). Can be used to pay debts, accounts payable, payroll and other operating expenses that can’t be paid because of the disaster.
- Economic Injury Disaster Loan Advances (EIDL): SBA has now made advances available of up to $10,000 on EIDL loans. If approved, these funds can be used for payroll and other operating expenses and will be forgiven. All applicants who successfully submitted an application prior to 3/30/2020 received an email notifying them of this change.
- SBA Express Bridge Loan: SBA Express Lenders are authorized to provide expedited SBA-guaranteed bridge loan financing on an emergency basis in amount up to $25,000. SBA Express Lenders in Schoharie County are Community Bank, NBT Bank & Trustco Bank.
- Paycheck Protection Program (PPP): Any portion of this loan used to pay payroll, rent or utility expenses after disbursed can be deducted from the loan balance as a grant, considered loan forgiveness. Credit may be extended up to 250% of a business’s monthly payroll costs over the last 12-month period. Record keeping of the use of funds is critically important. Your existing financial institution may be able to process; otherwise, Pursuit Lending is recommended. Click here for a program overview.
Technical Assistance:
Small Business Development Center (SBDC)
May 7, 2020
Paycheck Protection Program Funds Still Available
Round Two still has over $100 Billion for Borrowers in Need
Click here to view the latest press release for the SBA
On Monday, April 27, the SBA resumed accepting
Paycheck Protection Program (PPP) applications from participating lenders
Click here for a list of authorized PPP lenders.
Economic Injury Disaster Loans (EIDL) & Advances: The SBA is unable to accept new applications at this time for the EIDL -COVID-19 related assistance program, including EIDL Advances, based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Previous EIDL & Advances Status: If you submitted an application, received correspondence from SBA, and have a loan number that begins with a “3”, you are in the queue and your patience is appreciated. If you would like to further inquire about the process and understand what to expect next you should contact the
Office of Disaster Assistance 24/7 Customer Service line at 800-659-2955.
Latest Information from the SBDC
(Small Business Development Center)
Latest Information from the SBDC
(Small Business Development Center)
May 15, 2020
SBDC COVID-19 Small Business Resources
Contact the Albany Small Business Development Center (serving Albany, Columbia, Fulton, Greene, Hamilton, Montgomery, Rensselaer, Saratoga, Schenectady, Schoharie Warren and Washington Counties)
Pursuit, formerly known as New York Business Development Corporation, The 504 Company and Excelsior Growth Fund, has offered innovative lending solutions to help business owners follow their dreams.
