COVID-19 Solution Center for Business
Help with SBA Loans and Other Coronavirus Financial Solutions
If your business is faced with financial hardship due to COVID-19, we are providing the following solutions in conjunction with the Small Business Administration (SBA).
TDECU is here to help you with these programs, to learn more contact your TDECU Commercial Loan Team at
(800) 839-1154, Ext. 4618 or via email at CommercialLoanOfficers@tdecu.org.
SBA Express Loan Program
TDECU SBA Express loans are a simple way to receive expedited government-guaranteed financing for your small business due to financial hardships caused by the COVID-19 pandemic. Until December 31, 2020, businesses can be granted up to $1,000,000 of capital.
Since TDECU is a Preferred Lender with the SBA;
- Your loan can be approved in as little as 10 days vs. 20+ days for a traditional SBA 7(a) loan
- TDECU can process your loan application and provide loan documents without having to obtain SBA approval
How to Apply
If your small business has been profitable for the last 2 years and is in need of capital to grow, you can apply for the SBA Express Loan by contacting your TDECU Commercial Loan Team.
Economic Injury Disaster Loans and Loan Advance
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan Advance of up to $10,000. The Disaster Loan advance can be provided within 3 days and may be considered a grant (see SBA website for full details)
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
How to Apply
Economic Injury Disaster Loans are provided through the Small Business Administration (SBA).