EDIL / SBA Loan...

[57stratdawg]

Did anyone else get preapproved for a SBA loan with their EDIL?

 

[missouridawg]

Did anyone else get preapproved for a SBA loan with their EDIL?

I did yesterday. Hope the money comes in soon.

30 years. 3.75%. First payment not due for 12 months.

 

[57stratdawg]

$150,000?

 

[dawgdr]

I did yesterday. Hope the money comes in soon.

30 years. 3.75%. First payment not due for 12 months.

I did. Already funded. Long term and cheap so when 85 hope I have paid back. Also got grant felm them and PPP. Beginning to think I am a democrat.

And anyone wants to jump on me go ahead. But as much as I have paid in taxes the last 20 years I am still well in the hole to Uncle Sam.

 

[dawgdr]

Yes sir. 149900. Not bad closing fee.

My mortgage on building cheaper but tied to prime where this is not. So if all shakes out ok gonna prolly pay it down. But need new sono so that will take substantial amount.

 

[57stratdawg]

Is this new? I have never heard about this until today; suddenly everyone I know is getting it.

Are there restrictions for taking it out of the business?

 

[missouridawg]

$150,000?

Yep

 

[missouridawg]

Is this new? I have never heard about this until today; suddenly everyone I know is getting it.

Are there restrictions for taking it out of the business?

I applied In late March and just now heard back from them. There are definite restrictions, but I have no clue how closely they will monitor how the money is spent. I initially wanted to use it to restructure some debt but that was a no no according to the loan documents. So I will just be holding onto the money and using it for everyday business expenses (rent, inventory, payroll, etc...).

 

[PBRME]

I applied in March. Got funded today. Much needed relief because the PPP didn’t work out.