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Chamber Insider Blog

Latest update from the Loudoun Small Business Development Center

by Andrea Winey

Eric Byrd, Manager, Loudoun Small Business Development Center (SBDC), ebyrd4@gmu.edu; (703)466-0466 (office)

  1. The Virginia SBDC network is assisting people filling out Economic Injury Assistance Loans (EIDL) applications. We’re gathering questions people are running into  so we are prepared to assist. Please contact the Loudoun Small Business Development Center with any questions you may have.
  2. Loudoun SBDC will have more coaching sessions coming online this week and we will be sharing information and links for businesses to take advantage of that process as soon as we can.
  3. The guidelines we’re getting about the Economic Injury Assistance Loans (EIDL) is that the goal is to provide businesses up to 6 months of working capital in phase 1. Businesses will be able to come back and request additional funding, if needed. We also hear that the loan payments will be deferred for a year (with interest beginning to accrue as soon as the money is dispersed), with a 30 year payback term to help with immediate cash flow crunch.
  4. REMEMBER: there are lots of people trying to access the online application. Please be patient and KEEP TRYING. You will eventually get through and complete the process.
  5. SAVE EARLY, SAVE OFTEN as you go through the online process. This will minimize data loss if there are connection issues.
  6. APPLY NOW, even if you are not sure you are eligible or qualify. Better to get into the system and find out than to wait. A business does NOT have to be rejected for a bank loan before applying, only that you have experienced economic injury.
  7. We have released a couple of tools for businesses to use as they communicate with their customers, employees and partners. Those are all located at our FAQ page at www.loudounsbdc.com

Loudoun SBDC will continue to release more suggestions and tools over the coming days and weeks, and we will make sure to announce those as soon as they are available.

More soon! Keep referring businesses over to us for coaching and assistance. We are communicating with them and ramping up capacity to talk to more quickly.

All the best… stay well!

Eric