Aug 15
Post on: The New York Times Small Business
The government’s emergency loans for small businesses may sound simple, but applying, it turns out, can be quite complex. The proceeds must be usedto pay down debt, and applicants must show that the debt was incurred for a “sound business use,” as defined by the Small Business Administration.
Even vendor credit requires a written contract, which can take a month to arrange if you do not have one in place, according to Lori Chillingworth, a senior vice president of Zions Bank of Salt Lake City (and the first lender to complete a loan through the new program, America’s Recovery Capital). The easiest debts to document, she said, are mortgages and working capital.
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