Securing financing for a small business can be a difficult task. Banks reject roughly 80 percent of small business loan applications, leaving applicants searching for other options. While the strict standards put in place by traditional banks and credit unions regarding business owners’ creditworthiness and ability to repay loans are intended to minimize risk, they also complicate the lending process for businesses.(more…) Read More
Good news: On September 7th, 2021, the U.S. Small Business Administration announced the COVID EIDL cap will increase from $500,000 to $2,000,000. Even more, the cap for a single corporation will increase to $10.0 million. Though you can apply for a COVID EIDL loan of more than $500k today, any decisions on funding will occur after October 8th, 2021, or within 45 days (1.5 months) of the submitted application.
The EIDL program signifies the largest redistribution of wealth since the early 2000s. Some small business owners who could not get a first look of their loan application by a traditional lender are now receiving $500,000 within weeks. This program gives business owners an opportunity to expand and diversify their models. These funds, if used responsibly, are helping individual borrowers and organizations to meet new opportunities in the marketplace and compete well. Since early 2020, Loan Mantra has enabled numerous success stories. We know firsthand how EIDL funds have changed the personal and professional trajectory of many deserving business owners.(more…) Read More