The SBA has initiated an Economic Injury Disaster Loan (EIDL) program to help businesses affected by the BP oil spill disaster, to meet their financial obligations. The program provides relief from economic injury directly caused by the disaster, with working capital funds to replace lost sales or revenue.
EIDL Program Specifics
- The program is only available to businesses that are determined by the SBA to be unable to obtain credit elsewhere and to businesses with a reasonable ability to repay the loans.
- To be eligible for this SBA assistance, businesses must have sustained economic damage, economic injury and financial need, up to $2 million per business, and be located in a disaster-declared county.
- The interest rate is 4 percent per year, with a maximum 30 year term.