hello@uscreditsource.com
No items found.
Line of Credit
Business Growth
Business Loans
Loan Application Process
Business Finance

Can My Small Business Still Get a Bank Loan If We Have an SBA EIDL Loan?

Melanie Laurent

Millions of small businesses took out low-interest Economic Injury Disaster Loans (EIDL) from the SBA early in the pandemic. With an average loan amount of $100,000 and a 30-year term at 3.75% interest, these loans provided critical support.

However, over three years later, EIDL loans can present financing challenges for some small businesses seeking additional funding. The good news is that having an EIDL doesn't necessarily prevent approval for other types of business credit.

How EIDL Loans Impact New Financing Applications:

Many bank loan programs analyze a business's cash flow to determine repayment ability. In these cases, the monthly EIDL payment will be factored into underwriting.

However, other financing options like unsecured business lines of credit may rely less on debt servicing capacity. With programs from Line of Credit Depot, we work with banking partners to secure the most favorable revolving credit line despite existing EIDL obligations.

The key is choosing the right lending solution for your business needs and financial situation. While EIDL loans provided vital early pandemic relief, they can constrain additional financing if not properly accounted for.

Work with an experienced funding advisor to evaluate the best available credit products that work with your existing SBA loan. The right business line of credit or loan can provide financing flexibility and support growth, even with ongoing EIDL payments.

Careful planning and preparation can help ensure your small business continues moving forward, without being excessively hampered by pandemic-era relief loans.

How much are you looking for?
Schedule a Call with a Loan Specialist
Rates starting at 0.75% above WSJ prime. ~ We love to present Offers, You Select the Best One.
No other financing company does it quite like US Credit Source

Ready to Get Funded?

US Capital Source makes the application process seamless and available to every Business owner.

Submit all the necessary information to a number of potential lenders in one place! We eliminate the need to fill out multiple applications and allow you to compareloan options from different lenders. Reduce the risk of errors and time to secure a loan, as all the necessary information is collected in one application.

By submitting all the required information in one place, businesses can speed up the loan application process and receive a loan decision much faster so you can start to grow your business, more quickly.

No Credit Check
No Cost
Easy Application
No items found.

What's New for America's Business Owners... Discover Current Events

September 18, 2024

Fed's are officially cutting rates

The Federal Reserve made a key move for the first time in terms of interest rate cuts.
Rate Cut
August 21, 2024

What the Federal Reserve's Rate Cut Means for Your Small Business

Small business owners, listen up! We have some exciting news to share that could have a major impact on your business.
Credit Management
June 10, 2024

US Credit Source Eases Credit Requirements Amid Tightening Lending Landscape

US Credit Source has revealed intentions to relax their credit requirements, for business loan products.