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
Throughout the pandemic, small businesses have had a difficult time staying afloat. Emergency COVID-19 assistance funds have been a saving grace for some. Unfortunately, for those that haven't been able to secure funds, the past year-and-a-half has left them wondering when and if the U.S. government will provide them with additional assistance. The future of one funding program, in particular, the Restaurant Revitalization Fund, has been up in the air for months.
The SBA's Restaurant Revitalization Fund (RRF) was created as a lifeline for struggling restaurants and other eligible businesses. $28.6 billion in grant money was set aside from the American Rescue Plan Act to help restaurants keep their doors open. More than 370,000 businesses applied for the funds; however, more than 250,000 didn't receive funding. Fewer than one third of applicants were approved. Funds have since run out, leaving applications in limbo and business owners wondering what's next.(more…) Read More
As a business owner, it's important to know the resources available that best support your business. In the wake of the pandemic, loans and grants have been a lifeline for businesses more than ever. For small businesses, the competition for resources and relief programs can be challenging, so it's critical to be prepared to apply for loans and grants as soon as they are available.
Whether you're looking for funds to keep your business afloat or you're ready to take your operations to the next level, here's how you can stay up-to-date on available loans and grants.(more…) Read More