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FEDERAL
Military Reservist Economic Injury Disaster Loan (MREIDL)
Low-interest SBA direct loans up to $2 million to cover operating expenses when an essential employee is called to active military duty.
About this program
MREIDL provides working capital to small businesses unable to meet ordinary operating expenses because an essential employee was called to active duty as a military reservist. The fixed interest rate is 4%, and funds can cover payroll, utilities, and fixed debt payments. Loans are direct from SBA and cannot be used for lost income or to refinance existing debt.
Eligibility
Small business that has suffered substantial economic injury because an essential employee was called to active duty in the Reserves or National Guard.
Requirements
- Essential employee called to active duty
- Demonstrated economic injury
- Inability to obtain credit elsewhere