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Loan Assistance Programs

Loan assistance programs will be overseen by the Small Business Administration
 

Contact Information Email Phone Website
Federal Office

answerdesk@sba.gov

800-827-5722 

 sba.gov
State of Vermont herrington@sba.gov 802-828-4422 sba.gov/vt

 

Micro-Loan Program 

Provides very small loans to start-up, newly established, or growing small business concerns. Under this program, SBA makes funds available to nonprofit community-based lenders (intermediaries) which, in turn, make loans to eligible borrowers in amounts up to a maximum of $35,000. The average loan size is about $13,000.

Applications are submitted to the local intermediary and all credit decisions are made on the local level. 

7(a) Loan Guarantee Program 

Temporary fee elimination - SBA is directed to collect no fee or reduce fees to the maximum extent possible for the 7(a) loan program. SBA may guarantee up to 90 percent (90%) of 7(a) loans. 

To ensure small businesses maintain have access to 7(a) loans that may be used to establish a new business or to assist in the operation, acquisition or expansion of an existing business. 

504 Loan Program

Temporary fee elimination - SBA is directed to collect no fee or reduce fees to the maximum extent possible for the 504 loan program.

To ensure small businesses maintain adequate access to 504 loans for fixed asset projects. 
Business Stabilization Program 

To provide loans on a deferred basis to viable small business concerns that have a qualifying small business loan and are experiencing immediate financial hardship 

To be used to make periodic payment of principal and interest, either in full or in part, on an existing small business loan for no more than 6 months.
 

Competitive Grants 

Competitive grants will be overseen by the Department of Commerce - Economic Development Administration
 
Contact Information Email Phone Website
Federal Office SGrady@eda.doc.gov (215) 597-4603

Click Here
Regional/Vermont HMarshal@eda.doc.gov 
(315) 448-0938
  

 

Economic Development Assistance Grants 

Funds for economically distressed areas to generate private sector jobs. Priority consideration will be given to those areas that have experienced sudden and severe economic dislocation and job loss due to corporate restructuring. 
 

Other

Community Development Financial Institutions - U.S. Department of the Treasury
 
Website Phone
http://www.cdfifund.gov/recovery/ (202) 622-8662

 

These funds will be used to help spur economic development and low-cost financial services to underserved communities.

More Information from the Small Business Administration

News Release: 100 Percent Loan Guarantee Program to Help Struggling Businesses

Recovery Act Question and Answer Sheet for Small Businesses