Small business owners hesitant to take on SBA disaster loan amid uncertainty

Coronavirus

BLUEFIELD, WV (WVNS) – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to West Virginia small businesses who are suffering financially because of COVID-19.

Business owners can apply for the loan online. However, some people, like Nicole Coeburn — owner of Blue Spoon Café in Bluefield– are hesitant to hit submit. She said with so much uncertainty, the last thing she wants to do is take on more debt.

“I would rather have some forgiveness or some loan forgiveness or something to help in the future when I open back up not be in more debt,” said Coeburn. “That’s my fear is we’re going to be in more debt and we’ll really be hurting and struggling then. I want to keep people in jobs as long as I can, keep their families fed and we’ll just go from there.”

The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

West Virginia News

More West Virginia News

Virginia News

More Virginia News

Trending Stories