• Posts by Kelley Brandstetter Tracy
    Partner

    Kelley Brandstetter Tracy’s practice is concentrated in commercial finance and the structural and legal aspects of debt financing and equipment leasing. She represents lenders, borrowers, finance companies, lessors and ...

On March 19, 2020, the SBA approved Ohio’s application to qualify for the Economic Injury Disaster Loan Program. Small businesses in Ohio may now apply directly to the SBA for low interest working capital loans of up to $2 million.

As many businesses enter uncharted territory as the coronavirus pandemic reaches new heights, we have received numerous inquiries regarding the Economic Injury Disaster Loan Program. This update will address three questions: (1) When will the funds be available to Ohio businesses under the Economic Injury Disaster Loan Program, (2) Who classifies as a “small business?” and (3) is collateral required?  

On March 15, 2020, Governor Mike DeWine and Lieutenant Governor Jon Husted announced that the Ohio Development Services Agency (“ODSA”) has started the process to make low interest, long term working capital loans from the U.S. Small Business Administration (the “SBA”) available to Ohio businesses and non-profits that have been severely impacted by the coronavirus (“COVID-19”) pandemic. 

Jump to Page
Close