COVID-19 Update: Compeer Financial offices will reopen to the public on July 8, with standard health protocols in place. Learn more about what we’re doing to keep everyone safe.
Economic Injury Disaster Loan Program (EIDL)
The SBA is now accepting applications from agricultural and small businesses for the Economic Injury Disaster Loan (EIDL). Eligibility for EIDL was expanded as part of the federal CARES Act, which provides relief for American workers and small businesses impacted by the COVID-19 pandemic.
Small businesses of less than 500 team members can apply for a loan of up to $2 million under the EIDL program. A key benefit is the potential for an applicant to receive $1,000 per employee, for a maximum of $10,000, just days after a successful application has been submitted. This advance doesn't have to be repaid, even if the applicant is ultimately denied the loan or decides to withdraw their application.
Compeer Financial has always been committed to serving rural America, and our commitment is stronger than ever as we face unique challenges due to the COVID-19 outbreak.
In partnership with Compeer’s Fund for Rural America, we’ve dedicated $830,000 to COVID-19 relief efforts. These funds will directly impact organizations and community partners who are supporting COVID-19 relief efforts.
We will continue to monitor the situation and evaluate additional measures to support our clients based on the recommendations of government agencies and public health authorities.