Mar 24, 2020

Apply at



  • Interest rate is 3.75% for businesses and 2.75% for nonprofits
  • The payback term is 30 years
  • Notes do not start until 12 months after you receive the loan
  • Loans of less than $25,000 will not require collateral
  • Loans of more than $25,000 will require collateral, but real estate will not be accepted as collateral
  • The loans will only cover your fixed expenses, such as payroll, rent, fixed debt, accounts payable, etc.
  • If you already have an SBA Disaster loan, you are automatically deferred until December 2020.  You do not need to apply for this.
  • You can not combine this loan with an existing SBA Disaster loan
  • You need to know your monthly (or an estimate) sales for each month starting back with January 2017. 
  • You are not required your tax returns or IRS transcript form at the time of the application, but it may be asked for later.
  • Most businesses open less than one year will not be qualified for the loan.
  • You have up to six months to reapply if you are declined.
  • If you know your annual sales, you can just divide by 12 and do an estimate
  • They can try to apply, but will have to show much more paperwork than other businesses.
  • They will tell you why you were declined.

Also, the Texas Restaurant Association is offering $5,000 grants to restaurants.   Please share.


Linda Tait, Director




Lamar State College-Port Arthur

Texas Gulf Coast SBDC Network

1401 Procter Street

Port Arthur,  Texas 77640


409.984.6063 fax

Skype: ltait.sbdc



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