First Basin is here to help guide you.
First Basin Credit Union is committed to guiding each of our members through this difficult time. FBCU Business Members, below you will find resources and forms required by the U.S. Small Business Administration (SBA) to apply for an Economic Injury Disaster Loan (EIDL).
What is an SBA Economic Injury Disaster Loan (EIDL)?
Small businesses, small agricultural cooperatives, and most private non-profit organizations, that are located in a declared disaster area and have suffered substantial economic injury may be eligible for an EIDL. The EIDL program can provide up to $2 million dollars of financial assistance to such businesses and organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage. Actual loan amounts are based on the amount of economic injury.
- Help meet necessary financial obligations that your business or private non-profit organization could have met, had the disaster not occurred
- Provide relief from economic injury caused directly by the declared disaster
- Permit you to maintain a reasonable working capital position during the period affected by declared disaster
EIDL’s do not replace lost sales or revenue.
Please note: To be eligible for EIDL assistance, small businesses or private non-profit organizations must have sustained economic injury and be located in a disaster declared county or contiguous county.
Small Business Guides and Resources:
- SBA Small Business Economic Injury Disaster Loan Guide – this guide includes:
- Economic Injury Disaster Loan Application
- The three-step process to apply for a Disaster Loan
- Required documentation
- Who qualifies, how the loan works and how the monies can be used.
- How to apply
- Understanding Business Interruption Insurance
- A loan package checklist
At a Glance:
Documents required for Small Business Disaster Loan – including links:
- Personal Financial Statement (SBA Form 413) for all owners of the business with minimum 20% ownership interest.
- Federal Personal and business tax returns for the last 3 years (include personal tax returns for each owner with minimum 20% ownership interest in the business).
- Business Financial Statements for year to date (both income statements and balance sheet is preferred). Schedule of all business assets and liabilities.
- Provide Monthly sales figures beginning 3 years prior to the disaster and continuing through the most recent month available. (SBA Form 1368).
- Written explanation of the amount you are seeking and how it will be used. Describe the loss.
- SBA Loan Application (SBA Form 5).
- IRS Form 8821 / 4506-T for each owner with minimum 20% ownership interest in the business.
SBA partners offering free services:
- Midland/Odessa Small Business Development Center - https://www.utpbsbdc.org/
- Lubbock Small Business Development Center - https://www.lubbocksbdc.org/
- SCORE, the nation’s largest network of volunteer, expert business mentors - https://www.score.org/find-location
View eligible disaster areas, apply online, or check application status: