SBA LOANS
Small businesses may apply to and be awarded (subject to lender guidelines) from both programs

 

COVID-19 Economic Injury Disaster Loan 
The CARES Act establishes an emergency grant to allow an eligible entity who has applied for an EIDL loan due to COVID-19 to request an advance on that loan, of not more than $10,000, which the SBA must distribute within 3 days. Applicants shall not be required to repay advance payments, even if subsequently denied for an EIDL loan.


Paycheck Protection Program

Loans for self-employed & small businesses with under 500 employees for amounts 2.5 times the average monthly payroll & other benefit costs up to $10 million, payments deferred for 6-12 months.

Loan is forgivable for up to eight weeks of the portion used on payroll for employees making under $100,000, rent on a lease executed before February 15, 2020, electricity, gas, water, telephone, internet or other utilities started prior to February 15, 2020 – as long as employees are retained through June 30th.

Justine PETERSEN offers SBA Payment Protection Program Loans under CARES Act. For more information on how to apply for a PPP loan with Justine PETERSEN, please contact Aida Richardson at arichardson@justinepetersen.org.

FREE LEGAL ASSISTANCE For Small Business PPP Loans – The Urban League & Lewis Rice have partnered to provide free legal services to black owned businesses applying for PPP loans or seeking guidance before using any of the funds. 

 

 


 

MIDWEST BANKCENTRE PROVIDING UNSECURED EMERGENCY LOANS:
Right now, Midwest BankCentre is offering emergency assistance unsecured loans of up to $10,000 for individuals and $25,000 for small businesses with no payments for 45 days.

Loan amounts can be as low as $1,500 with interest rates of 0.09% APR for 6 months and 3.99% for the remaining term.

  • For more details, contact Midwest BankCentre at 314-631-5500

 


 

SMALL BUSINESS RESOURCE FUND:
The St. Louis Economic Development Partnership and the St. Louis Development Corporation are offering a 0% percent interest loan program for small businesses in the City of St. Louis and St. Louis County that have sustained economic damage due to the COVID-19 crisis.

 


 

JUSTINE PETERSON MICRO-LOANS
Justine Petersen continues to have Micro-loans $3000 and under, with more flexibility than banks around credit & income of businesses.