Are the loans only for businesses?

Yes. The COVID-19 Recovery Loan Program is only open to existing for-profit small businesses as defined by the Small Business Administration, and the business must be located within the 13 county GNRC lending area.

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1. Is the COVID-19 Recovery Loan forgivable?
2. Can I apply if I already received an SBA EIDL or SBA PPP loan or any other federal, state, or local assistance to address business needs resulting from the pandemic?
3. Are the loans only for businesses?
4. Are start-ups eligible?
5. Why is GNRC targeting certain industries and demographic groups?
6. Is collateral required?
7. Are the payments fixed for the life of the loan?
8. May a business use the loan to refinance or consolidate other debt?