Virginia has approved 77,860 EIDL applications totaling $6,651,954,440 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 Virginia small businesses’ economic injury recovery from a natural disaster or from the COVID-19 disaster affecting Virginia businesses.
Virginia SBA EIDL Program
Virginia small businesses, small agricultural cooperatives, and most private nonprofit organizations located in Virginia’s declared COVID disaster area and which have suffered financial economic injury and harm may be eligible for an SBA EIDL loan in Virginia.
In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in Virginia can apply for Economic Injury Disaster Loans (EIDLs).
The Virginia 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 Virginia.
Virginia EIDL Increase Requests and Loan Modifications
For a complete SBA EIDL Virginia loan modification strategy on how to do an increase request to maximize your chances of receiving the maximum eligibility your Virginia business qualifies for, please schedule a call with us directly.
In Virginia, 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 Virginia company.
Did Your Virginia SBA Disaster Loan Get Denied?
If you’re a Virginia business owner whose Virginia 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 Virginia business receives funds.
Virginia SBA Loan Consultant for EIDL Loans
Virginia SBA EIDL loans are one of the easiest ways for small business owners in Virginia 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 Virginia EIDL loan is set at 3.75%.
Also, Virginia 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 Virginia, an SBA EIDL Virginia 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 VA tax credits.
Virginia Small Businesses in Need of EIDL Loan Increases or Reconsiderations
Virginia General Contractors
For general contractors in Virginia, construction contributed $22.6 billion (4.1%) of the state’s GDP of $554.2 billion. There were 706,000 construction firms in the U.S. in 2017, including 19,426 in Virginia.
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.
Virginia Hotels and Hospitality Businesses
Owners of hotels in Virginia, the Industry trade group, American Hotel and Lodging Association (AHLA) estimates the total projected travel revenue of the hotel business in Virginia for 2021 is $864,506,673, which is down -63.5% due to the COVID pandemic and mandated shutdowns.
Virginia hotels generated $2,367,387,343 in 2019 when more people were traveling, which was +$1,502,880,670 more in revenue vs. 2021 Virginia Hospitality numbers.
Virginia Retail Stores
Virginia retail stores, monthly state retail sales are up 15.1% in 2021 over last year’s retail numbers for Virginia.
For Virginia restaurants, over 2,729 restaurant owners have received approval for $653,130,461 in loans from the Restaurant Revitalization Fund (RRF), which is now closed.
The U.S. Small Business Administration (SBA) has awarded funding through the Virginia Restaurant Revitalization Program to Virginia restaurants, bars, and other similar places of business that serve food or drink in the State of Virginia (VA).
Conclusion and Summary for the EIDL Loan Approval Process in Virginia
Hiring an EIDL Loan Advisor in Virginia 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 Virginia business.
Does Your Virginia Business Need an Increase or Loan Modification to Your Existing SBA EIDL Loan?
Did you already receive a Virginia SBA EIDL loan for your Virginia business?
We can assist your business in requesting additional SBA EIDL loan funds through the increase request and loan modification process in Virginia.
Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Increase Request Process in Virginia.
Was Your Virginia SBA EIDL Loan Denied?
Has your Virginia SBA EIDL loan been denied for your VA business?
We can assist you in filing for an SBA EIDL loan reconsideration appeal for your business in Virginia.
Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Loan Reconsideration Process in Virginia.
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