SBDC offers help navigating process of applying for small business loans
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
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