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SBA Lending During COVID-19: What You Need to Know

The COVID-19 pandemic represents an unprecedented public health crisis. Markets are experiencing a downturn, major events have been cancelled and employees across the globe are working from home in an attempt to mitigate the spread of the virus.

The outbreak has the potential to be especially damaging to small businesses that need to balance the need for client and employee safety while still also meeting necessary bottom-line goals.

Sunrise Banks’s main priority is the health of our customers, employees and community. That’s why we’ve implemented temporary branch closures. However, we’re still doing business.

And we’re still lending to Small Business Administration (SBA) customers.

But we want to clear up any confusion surrounding SBA lending during this trying time. Here are a few things to keep in mind.

We’re Happy To Answer Your Questions – And We’re Still Doing Business

If you were in the middle of a loan deal when the COVID-19 outbreak occurred, or have any questions regarding your current loan, feel free to contact us. We’re also still accepting new loan applications.

We recommend that any interested borrowers have their financial information and statements up to date. We know how important your small business is to you, and we want to provide you a funding opportunity that meets your particular needs.

Sunrise Banks is a preferred SBA lender and received the Minnesota SBA Lender Award for its second consecutive year in 2019.

We’re Monitoring the Federal Government’s Response

Right now there is proposed legislation to increase the SBA’s budget from $30 billion to $80 billion to help small businesses affected by COVID-19. The SBA is also looking to help business owners through disaster relief money, but these funds need to be okayed by each state’s government.

More information on the SBA’s disaster relief program can be found here.

We want to quash any misinformation regarding the SBA’s plans. Maybe most importantly, there is no “free money” available right now. Although we’re happy to assist you in starting a loan application or answering your questions, the proposed Federal SBA budget boost has not yet been approved. And Minnesota has yet to broker a deal regarding SBA disaster recovery funds.

Don’t Hesitate to Reach Out

Again, we’re happy to answer any questions you may have about SBA lending options. First and foremost, we want to ensure you’re safe.

Visit our SBA lending page for more information.

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