Massachusetts EIDL Loan Approval Process

Massachusetts EIDL Loan Approval Process

Massachusetts has approved 65,023 EIDL applications totaling $5,795,576,097 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 Massachusetts small businesses’ economic injury recovery from a natural disaster or from the COVID-19 disaster affecting Massachusetts businesses.

Massachusetts SBA EIDL Program

Massachusetts small businesses, small agricultural cooperatives, and most private nonprofit organizations located in Massachusetts’s declared COVID disaster area and which have suffered financial economic injury and harm may be eligible for an SBA EIDL loan in Massachusetts.

In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in Massachusetts can apply for Economic Injury Disaster Loans (EIDLs).

The Massachusetts 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 Massachusetts.

Massachusetts EIDL Increase Requests and Loan Modifications

For a complete SBA EIDL Massachusetts loan modification strategy on how to do an increase request to maximize your chances of receiving the maximum eligibility your Massachusetts business qualifies for, please schedule a call with us directly.

In Massachusetts, 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 Massachusetts 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 MA.

Did Your Massachusetts SBA Disaster Loan Get Denied?

If you’re a Massachusetts business owner whose Massachusetts 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 Massachusetts business receives funds.

Massachusetts SBA Loan Consultant for EIDL Loans

Massachusetts SBA EIDL loans are one of the easiest ways for small business owners in Massachusetts 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 Massachusetts EIDL loan is set at 3.75%.

Also, Massachusetts 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 Massachusetts, an SBA EIDL Massachusetts 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 MA tax credits.

Massachusetts Small Businesses in Need of EIDL Loan Increases or Reconsiderations

Massachusetts General Contractors

For general contractors in Massachusetts, construction contributed $22.5 billion (3.8%) of the state’s GDP of $595.6 billion. There were 706,000 construction firms in the U.S. in 2017, including 19,181 in Massachusetts.

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.

Massachusetts Hotels and Hospitality Businesses

Owners of hotels in Massachusetts, the Industry trade group, American Hotel and Lodging Association (AHLA) estimates the total projected travel revenue of the hotel business in Massachusetts for 2021 is $341,078,159, which is down -84.8% due to the COVID pandemic and mandated shutdowns.

Massachusetts hotels generated $2,249,357,586 in 2019 when more people were traveling, which was +$1,908,279,427 more in revenue vs. 2021 Massachusetts Hospitality numbers.

Massachusetts Retail Stores

Massachusetts retail stores, monthly state retail sales are up 16.3% in 2021 over last year’s retail numbers for Massachusetts.

Massachusetts Restaurants

For Massachusetts restaurants, over 2,556 restaurant owners have received approval for $992,935,884 in loans from the Restaurant Revitalization Fund (RRF), which is now closed.

The U.S. Small Business Administration (SBA) has awarded funding through the Massachusetts Restaurant Revitalization Program to Massachusetts restaurants, bars, and other similar places of business that serve food or drink in the State of Massachusetts (MA).

Conclusion and Summary for the EIDL Loan Approval Process in Massachusetts

Hiring an EIDL Loan Advisor in Massachusetts 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 Massachusetts business.

Does Your Massachusetts Business Need an Increase or Loan Modification to Your Existing SBA EIDL Loan?

Did you already receive a Massachusetts SBA EIDL loan for your Massachusetts business?

We can assist your business in requesting additional SBA EIDL loan funds through the increase request and loan modification process in Massachusetts.

Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Increase Request Process in Massachusetts.

Was Your Massachusetts SBA EIDL Loan Denied?

Has your Massachusetts SBA EIDL loan been denied for your MA business?

We can assist you in filing for an SBA EIDL loan reconsideration appeal for your business in Massachusetts.

Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Loan Reconsideration Process in Massachusetts.

Cover Image Credit: 123RF.com / Rostislavsedlacek. / Disaster Loan Advisors.

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