Ion Bank is in a very strong position to weather the global challenges created by the Coronavirus (COVID-19). Some of our commercial borrowers have inquired about available forms of hardship relief. You should know that we stand ready to be as flexible, reasonable and responsive as possible. As you can appreciate, no single solution fits every unique situation presented in a national pandemic. Therefore, each instance will require a conversation with our customers.
Other Valuable Resources for Information
As of March 16, 2020, SBA Administrator Jovita Carranza signed an Economic Injury Disaster Declaration for the State of Connecticut. This means that qualifying small businesses and private non-profits in Connecticut that have suffered substantial economic hardship as a result of Coronavirus (COVID-19) will have low-interest Economic Injury Disaster Loans (EIDL) made available to them.
To begin the process of applying for an EIDL you can visit the SBA’s online application. From there you will be asked to create an account and begin the application process. These EIDLs offer up to $2 million in assistance per small business and can provide vital economic support to help overcome the temporary loss of revenue they are experiencing.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that are unable to be paid due to the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
Additionally, SBA’s Connecticut network of resource partners stand ready to assist small businesses across the state. These partners are seeing clients virtually to assist in minimizing impact exposure to COVID-19 and protect our small business communities.
- CT Small Business Development Center
- CT SCORE Chapters
- CT Womens Business Development Centers
- Contracting Assistance – CT Procurement Assistance Center
- or email the Entrepreneurial Center
For a list of all the SBA partners and organizations that your small business may need such as Chamber of Commerce, SBA Lenders, and State Office check out the SBA Connecticut Resource Guide.