Express Bridge Loan Pilot Program
There is a lesser-known option for small businesses that are struggling during the pandemic — it is the Small Business Administration’s Express Bridge Loan. Any small business in any state can receive one of these loans. The requirements are:
Operate for profit
Be engaged in, or propose to do business in, the U.S. or its territories
Have reasonable owner equity to invest
Use alternative financial resources, including personal assets, before seeking financial assistance
Under these terms, realistically any business can apply. One final detail is that the business had to be open on March 13, 2020 and to suffer losses from the Covid 19 virus, so in effect any ongoing business can get one of these loans. Up to $25,000 in loans can be given.
This document outlines the conditions. It is both potentially more valuable and complicated than other government aid, so if you have any questions give us a call at 727-729-2719. We’ve already helped several businesses with these loans.