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Important Small Business Support from the Downtown Partnership

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Important Small Business Support from the Downtown Partnership

Where do you go to apply: sba.gov/disaster and select the EIDL box (KY Covid-19 disaster relief)

What do you need:

  1. SBA Form 5 – Business loan application (use Form 5-C for sole proprietorship)
  2. IRS Form 4506-T – signed by each business owner with at least 20% ownership
  3. Most recent federal tax returns (2019 not required, but can be submitted if already filed)
  4. SBA Form 413 – Personal financial statement for each business owner with at least 20% ownership
  5. Schedule of all liabilities – can use SBA Form 2202
  6. SBA Form 1368 – monthly sales figures

What are the terms:

  • Up to 30 year repayment terms
  • 3.75% interest for for-profit businesses, 2.75% for non-profit
  • May apply for up to $25,000 in unsecured loans
  • Secured loans for up to $2 million are available
  • First payment on the loan is deferred for 12 months

Other details:

  • It is easier/quicker to submit the loan application online. Please use IE 10 or later and allow cookies, pop-ups
  • Recommend that applicants print out the loan application forms and complete by hand, and then input the information online (in case the system crashes, they’ll have the information readily available and able to quickly re-enter)
  • Put several methods of contact on the loan application. Loan officers will need to discuss the application with the applicants. This will occur 2-3 weeks after submission
  • Credit verifications will be relaxed, but SBA will verify losses
  • Project out 3-6 months for losses. SBA will compare against past tax returns and YoY earnings.
  • The SBA is not attempting to entrap any businesses with these applications. Disaster relief means that all information may not be available/accurate. Submit to the best of your abilities and amend the application as needed.

Here is additional contact information for organizations that are providing assistance during the national emergency:

Finally, the Louisville Downtown Partnership will continue operating our Downtown Ambassador services. The Ambassador duties include:

  • Maintain cleanliness and passibility of I65 underpasses
  • Additional litter collection from sidewalks (daily) and alleys (weekly) adjoining private, accessible property
  • Ombudsman for Louisville Metro issues or concerns
  • Weed control along sidewalks and alleys adjacent to BID properties Security patrols
  • Assisting visitors with directions or tourist information, passing out maps, etc.
  • Power washing sidewalks
  • Graffiti removal on public way and, with permission, on private property
  • Flower pot and tree well planting care and watering
  • Contracted street tree watering
  • Maintenance of on-street wayfinding signs
  • Personal escorts to destination

If you have any questions, please feel free to contact myself, Rebecca Matheny, or April Arnold.

Thanks and stay safe!

Logan Gatti

Project Manager – Economic Development

Louisville Downtown Partnership

556 South Fourth Street

Louisville, KY 40202

 

Office (502) 614-4129

Mobile (502) 931-6721