The SBA provides small businesses with counseling, capital, and contracting expertise. Explore its top resources if you need business support.

Jennifer Bodenrader, Senior Vice President, Director of SBA Operations

The coronavirus presents unprecedented challenges to small businesses. Here’s some good news: since 1953, the US Small Business Administration has helped small businesses to confidently start, grow, and expand. And, in times of need such as what we’re experiencing, the SBA provides surge funding to help businesses recover from disaster. Below is a summary of key resources provided by the SBA, to help you find the support you may need.

SBA Economic Injury Disaster Loans (EIDL)

EIDL’s are low-interest, working-capital loans made available to small businesses, privately owned non-profits, and small agricultural cooperatives located in declared disaster areas that have sustained substantial economic injury. If a business is unable to meet standard obligations and operational expenses and is unable to access credit elsewhere, it may be eligible for up to $2MM in funding at interest rates of 3.75% for small businesses and 2.75% for non-profits.

EIDL loan funds are provided by the SBA directly, not by your bank. When an affected state or territory is deemed a declared disaster area, and requisite funds are made available to state and local governments, businesses will be able to apply online for an SBA disaster loan. Ability to apply for these loans requires declaration of disaster in your location. The list of disaster locations is being kept up to date by the SBA. Check often for updates as this is a fast-changing list.

Community Development Financial institutions (CDFIs)

Community Development Financial institutions (CDFIs) are local, mission-based lenders whose small business clients are either ineligible for bank capital or require supplemental financing. These organizations are funded in large part by government agencies, including the SBA.

Historically, during economic emergencies, some CDFIs will implement rapid-response loan programs to help local businesses keep their doors open. Use this CDFI Locator to identify organizations in your area and be sure to check your city or local government website for small business support programs.

Standard SBA Loan Programs such as “Express” and “7(a)”

The SBA works with banks to provide loans to small businesses. In these programs, the SBA doesn’t lend money directly to small business owners; instead, it sets guidelines for loans and reduces risk for lenders by guaranteeing a portion of the principal balance, thereby making it easier for small businesses to access capital. The application and underwriting are with the preferred partner lenders, such as Santander, or your own bank. To access an SBA supported bank loan, contact your lender to see if they provide SBA-supported loans.


The SBA works with a number of local partners to counsel, mentor, and train small businesses. The SBA has 68 District Offices, as well as support provided by its Resource Partners, such as SCORE offices, Women’s Business Centers, Small Business Development Centers and Veterans Business Outreach Centers. Use the SBA’s Local Assistance Directory to locate the office nearest your customer.


The SBA is a terrific government resource in good times; it’s even more valuable now, to help you survive and recover from the economic damage inflicted by efforts to curtail the coronavirus.

This article is for promotional purposes only. Santander Bank, N.A. (“Santander”) does not provide investment, business, financial, accounting, tax or legal advice and the content of this article does not constitute investment, business, financial, accounting, tax or legal advice. Santander does not make any claims, promises or guarantees about the accuracy, completeness, currency or adequacy of any content. Santander expressly disclaims all express and implied warranties of accuracy, completeness, currency or adequacy of the information and content in this article. Readers should consult their own attorneys or tax or other advisors regarding the applicability of any referenced information or financial or other strategies to their own unique circumstances. This article does not necessarily reflect the views or endorsement of Santander.

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