SBDC offers help navigating process of applying for small business loans

Posted: Updated:

 While many small businesses continue to struggle to survive the COVID-19 pandemic, SBA loans are an option to alleviate the pressure.

Tom Morley, director of the Small Business Development Center at Rockland Community College, is the point of contact for Westchester and Rockland small businesses applying for SBA loans. His office helps navigate the process and has already assisted 400 businesses in less than a week.

"There will be an end to this at some point. There are resources to help businesses get to that end point, whatever it may be. And that everybody else is sharing your pain,” he says.

The numbers? A 3.75% interest rate, up to 30 years to pay it all back and payments are deferred for up to a year once you get the money.

While Dr. Kenneth Blank, of Rockland Chiropractic, is considered an essential service, he’s seen a drop in clientele because of the coronavirus.

He says applying with the SBDC made a difference.

"Call the SBDC because calling the SBA is a different story. But when you get a human on the line, someone who shows empathy and they care ... it's an entirely different scenario, and it really is calming,” he says

Many businesses have told News 12 about issues applying online. According to Morley, applicants are now able to download the necessary paperwork, fill them out and then upload them back onto the website. It’s a new effort to not overload the system.

"There's so many people being affected by this - so severely effected by this. So many people are going to the applications,” he says.

Sen. Kirsten Gillibrand also released a digital guidebook to help navigate COVID-19 disaster funding.

More information on the SBDC:
Rockland Community College
145 College Road, Brucker Hall
Suffern, NY 10901-3699
(845) 356-6065

CORONAVIRUS TRACKER - Cases in the tri-state area

MORE: LIVE BLOG - Coronavirus updates from the tri-state area and beyond 

COMPLETE COVERAGE: Coronavirus stories from News 12 

 GET INFORMATION: Coronavirus details from the CDC

CORONAVIRUS PREVENTION: What you can do to protect yourself

GET THE FACTS: What you need to know about coronavirus

BY THE NUMBERS: The latest statistics from the CDC

Your Coronavirus Photos

 

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."