Small Business Development Center

Economic Injury Disaster Loan

The Small Business Development Center Business Advisor, Miranda Perry, can assist you with the Small Business Administration loan called Economic Injury Disaster Loan. You must complete a SBDC Client Intake Form prior to receive assistance from the SBDC Business Advisor. Go directly to Miranda Perry, Business Advisor, Trinity Valley Small Business Development Center, at cell 903-203-0514, email or fax 903-675-4830.

Miranda can provide the Client Intake Form and help you complete the online application. You can apply on your own at if you have a company of less than 500 employees. Be sure to check the box that says you would like to be considered for the $10,000 advance. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds should be made available within three days of a successful application. This loan advance will not have to be repaid, but your business must qualify according to Small Business Administration policies.

EIDL is not for independent contractors. Starting April 10, 2020, independent contractors can apply for some funds through the Paycheck Protection Program. See earlier post sharing four local banks working with this Small Business Administration 7(a) loan.

Paycheck Protection Program

The final version of the Paycheck Protection Program Borrower Application Form is out today and local businesses and begin completing the application found here.

These are your four local banks that will review your commercial loan application for the Small Business Administration loan 7(a) loan under the Paycheck Protection Program.

The Small Business Paycheck Protection Program provides funds to pay up to 8 weeks of payroll costs including benefits. Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities. At least 75% of the forgiven amount must be used for payroll. Loan payments will be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on employers maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

Small businesses with 500 or fewer employees, including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contracts are eligible Businesses with more than 500 employees are eligible in certain industries.

Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020 independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. The Palestine Economic Development Corporation provided the four local banks taking these loan applications as of April 3, 2020.

The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury.

Examples of Engagement

  • Refinance of more than $6 million for wholesale nursery
  • Start-up special events center with Small Business Administration (SBA) 504 loan financing
  • Ongoing counseling of miscellaneous business opportunities subsequent to start-up
  • Purchasing advice and financing assistance for a food/fuel/convenience store
  • Consulting on conversion of commercial buildings to lodging in Grand Saline
  • Research on regulatory issues for proposed raw milk producer in Emory
  • Financing assistance for purchase of a convenience store in Terrell
  • Consulting on refinance/restructure of an employee-owned industrial fastener company
  • Assistance for set-up and training of new accounting system for a carpet cleaning company
  • Operational consulting for a gift store start-up in Athens
  • Diverse and complex long run board assistance for high tech medical device incubator
  • Accounting/management systems improvement for a painting contractor
  • Early stage diverse assistance for a battery recycler
  • Coaching for a local economic development corporation assistance application for a bowling alley
  • Start-up help for a Boots-to Business (veteran owned) landscaping company
  • Refinance and continual help for a building supply company
  • High level recruiting/hiring procedure improvements for a multi-location western wear firm
  • Business start-up and financing assistance (including SBA 504 loan) for a funeral home


Trinity Valley SBDC

Trinity Valley SBDC provides no cost business consulting to entrepreneurs and established businesses. Trinity Valley SBDC is a field center of the North Texas Small Business Development Center Network and is funded by the SBA, state of Texas, and host Trinity Valley Community College. Business advisors can assist with a variety of areas, including but not limited to research, business plan development, social media training, loan structuring, and financial analysis. Trinity Valley SBDC maintains relationships with lenders for both general commercial loans, as well as SBA loans.


Common SBA Loans Include 7A Loans and 504 Loans

Standard 7A loans are guaranteed by the SBA as high as 85% for loans up to $150,000 and 75% for loans over $150,000. The maximum amount for a standard 7a loan is $5 million. There is a minimum down payment requirement.

504 Loans provide long term financing for the purchase of fixed assets, which could include buildings, land, construction of new buildings or modernizing existing facilities, long-term machinery, and refinancing debt with an expansion of the business through new or renovated facilities or equipment, and are made available through Certified Development Corporations. The borrower is typically required to inject 10% to 20% into the project, with the CDC covering 40% of the project and the lender covering 50% of the project. Loans are generally capped at $5 million. These loans are usually at very attractive interest rates.