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Gov. Parson working with US Small Business Administration to help small businesses in Missouri

The administration will offer targeted, low-interest disaster recovery loans for Missouri small businesses impact by economic disruptions related to the coronavirus
Credit: KSDK

JEFFERSON CITY, Mo. — Missouri Governor Mike Parson directed the state’s emergency management agency and the department of economic development to seek assistance for Missouri businesses through the U.S. Small Business Administration’s Economic Injury Disaster Loan program.

The administration will offer targeted, low-interest disaster recovery loans for Missouri small businesses impact by economic disruptions related to the coronavirus.

Businesses can receive up to $2 million in assistance to use toward fixed debt payments, payroll, accounts payable and other bills that cannot be paid due to the impact of the coronavirus.

According to a press release from the governor’s office, the interest rate for small businesses will be 3.75% and 2.75% for nonprofits.

The Small Business Administration offers long-term repayment plans of up to 30 years to ensure loan payments are kept affordable. Terms are determined based on each borrower’s ability to repay on a case-by-case basis, according to the release.

It also offers counseling and helps businesses navigate preparedness plans through a network of 68 district offices and resource partners located across the country.

For more information, contact the SBA disaster assistance customer service center at 1-800-659-2955 or email disastercustomerservice@sba.gov.

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