SBA Offers Businesses New Loans

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Due to federal guidelines promoting social distancing and self-quarantines, many businesses in the country have been struggling to bring in customers.

Photo courtesy: MGN

That's leading to the federal Small Business Administration offering loans to these businesses to help offset such costs and help them remain afloat.

Josh Dorrell, CEO of the Wyoming Business Council, says his organization is working to help local businesses apply for these loans.

"While we aren't administering them, we are helping people with the application process and making sure that the right businesses can go ahead and apply for these loans."

However, Dorrell also says that skeptical business owners should look to other options, such as local financing, if they're hesitant about taking out the loan.

"There are many options for the small businesses to take advantage of, and this should just be one of those tools."

Depending on the severity of economic damages, businesses can secure up to two million dollars in loans with interest rates not exceeding four percent.

For more information on what options are available for both business owners and workers, go to https://wyomingbusiness.org/covid19.