Maryland has approved 70,992 EIDL applications totaling $5,745,989,970 in SBA EIDL loans.
The U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program is a federal small business loan program that financially supports Maryland small businesses’ economic injury recovery from a natural disaster or from the COVID-19 disaster affecting Maryland businesses.
Maryland SBA EIDL Program
Maryland small businesses, small agricultural cooperatives, and most private nonprofit organizations located in Maryland’s declared COVID disaster area and which have suffered financial economic injury and harm may be eligible for an SBA EIDL loan in Maryland.
In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in Maryland can apply for Economic Injury Disaster Loans (EIDLs).
The Maryland loan is directly from the SBA is a low-interest, fixed-rate, long-term loan to help overcome the effects of the pandemic by providing working capital to meet operating expenses for businesses in Maryland.
Maryland EIDL Increase Requests and Loan Modifications
For a complete SBA EIDL Maryland loan modification strategy on how to do an increase request to maximize your chances of receiving the maximum eligibility your Maryland business qualifies for, please schedule a call with us directly.
In Maryland, there are varying factors to consider if your increase request is under $500,000, or over $500,000. These are very important factors you should know to maximize your chances of getting a “yes” for your Maryland company.
Contact us today to schedule a call with one of our SBA loan consultants to discuss the best strategy that will work for your business in MD.
Did Your Maryland SBA Disaster Loan Get Denied?
If you’re a Maryland business owner whose Maryland EIDL loan was denied from the SBA, you should know that it is possible to be approved after reconsideration. If your SBA application was rejected due to not meeting eligibility requirements or because your paperwork wasn’t complete, make sure to improve the way you present yourself before filing for reconsideration again.
The first thing that you should check is why your loan application was denied. Make sure to thoroughly read over the rejection letter they sent you so that it can help you better prepare next time around.
You can file for reconsideration for SBA EIDL loans, just make sure to fill out the application as accurately and thoroughly as possible to ensure your Maryland business receives funds.
Maryland SBA Loan Consultant for EIDL Loans
Maryland SBA EIDL loans are one of the easiest ways for small business owners in Maryland to secure financing, and they come with several significant advantages. For instance, approved businesses can easily access lower interest rates than those available through other loans. The current Maryland EIDL loan is set at 3.75%.
Also, Maryland EIDLs have much longer repayment terms (30 years). What’s more, many SBA loans are based on the equity already in place rather than requiring new investors or collateral. This means that businesses will not need to give up any ownership stake to get the financing they need to move forward.
For small businesses in Maryland, an SBA EIDL Maryland loan consultant is one of the best options to assist with SBA financing. The federal government offers guarantees on some of these loans, which makes them much easier to secure. They can also assist with MD tax credits.
Maryland Small Businesses in Need of EIDL Loan Increases or Reconsiderations
Maryland General Contractors
For general contractors in Maryland, construction contributed $18.8 billion (4.4%) of the state’s GDP of $428.3 billion. There were 706,000 construction firms in the U.S. in 2017, including 14,056 in Maryland.
The SBA’s Economic Injury Disaster Loan (EIDL) program offers up to a $2 million increase in loans to help businesses affected by a declared disaster. General Contractors can use these loans to pay for operating expenses, such as employee salaries, rent, and utility bills.
Maryland Hotels and Hospitality Businesses
Owners of hotels in Maryland, the Industry trade group, American Hotel and Lodging Association (AHLA) estimates the total projected travel revenue of the hotel business in Maryland for 2021 is $364,408,164, which is down -71% due to the COVID pandemic and mandated shutdowns.
Maryland hotels generated $1,256,296,518 in 2019 when more people were traveling, which was +$891,888,354 more in revenue vs. 2021 Maryland Hospitality numbers.
Maryland Retail Stores
Maryland retail stores, monthly state retail sales are up 12.7% in 2021 over last year’s retail numbers for Maryland.
Maryland Restaurants
For Maryland restaurants, over 2,024 restaurant owners have received approval for $561,874,247 in loans from the Restaurant Revitalization Fund (RRF), which is now closed.
The U.S. Small Business Administration (SBA) has awarded funding through the Maryland Restaurant Revitalization Program to Maryland restaurants, bars, and other similar places of business that serve food or drink in the State of Maryland (MD).
Conclusion and Summary for the EIDL Loan Approval Process in Maryland
Hiring an EIDL Loan Advisor in Maryland allows small business owners to focus on what matters most when growing their companies, and without having to worry about how they’ll secure SBA loan financing when they want or need it most. In a time of great need like COVID or other natural disaster that disrupts or damages their Maryland business.
Does Your Maryland Business Need an Increase or Loan Modification to Your Existing SBA EIDL Loan?
Did you already receive a Maryland SBA EIDL loan for your Maryland business?
We can assist your business in requesting additional SBA EIDL loan funds through the increase request and loan modification process in Maryland.
Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Increase Request Process in Maryland.
Was Your Maryland SBA EIDL Loan Denied?
Has your Maryland SBA EIDL loan been denied for your MD business?
We can assist you in filing for an SBA EIDL loan reconsideration appeal for your business in Maryland.
Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Loan Reconsideration Process in Maryland.
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