New York EIDL Loan Approval Process

New York EIDL Loan Approval Process

New York has approved 330,504 EIDL applications totaling $30,749,448,967 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 New York small businesses’ economic injury recovery from a natural disaster or from the COVID-19 disaster affecting New York businesses.

New York SBA EIDL Program

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

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

The New York 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 New York.

New York EIDL Increase Requests and Loan Modifications

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

In New York, 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 New York 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 NY.

Did Your New York SBA Disaster Loan Get Denied?

If you’re a New York business owner whose New York 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 New York business receives funds.

New York SBA Loan Consultant for EIDL Loans

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

Also, New York 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 New York, an SBA EIDL New York 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 NY tax credits.

New York Small Businesses in Need of EIDL Loan Increases or Reconsiderations

New York General Contractors

For general contractors in New York, construction contributed $53.8 billion (3.1%) of the state’s GDP of $1.7 trillion. There were 706,000 construction firms in the U.S. in 2017, including 48,826 in New York.

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.

New York Hotels and Hospitality Businesses

Owners of hotels in New York, the Industry trade group, American Hotel and Lodging Association (AHLA) estimates the total projected travel revenue of the hotel business in New York for 2021 is $1,065,209,607, which is down -82.6% due to the COVID pandemic and mandated shutdowns.

New York hotels generated $6,135,487,180 in 2019 when more people were traveling, which was +$5,070,277,574 more in revenue vs. 2021 New York Hospitality numbers.

New York Retail Stores

New York retail stores, monthly state retail sales are up 14.3% in 2021 over last year’s retail numbers for New York.

New York Restaurants

For New York restaurants, over 9,775 restaurant owners have received approval for $3,667,054,114 in loans from the Restaurant Revitalization Fund (RRF), which is now closed.

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

Conclusion and Summary for the EIDL Loan Approval Process in New York

Hiring an EIDL Loan Advisor in New York 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 New York business.

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

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

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

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

Was Your New York SBA EIDL Loan Denied?

Has your New York SBA EIDL loan been denied for your NY business?

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

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

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

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