How to Apply for a Military Reservist Economic Injury Disaster Loan

If you are a military reservist who has suffered economic injury as a result of being called to active duty, you may be eligible for an Economic Injury Disaster Loan (EIDL) from the Small Business Administration (SBA). Here are the steps to apply for a Military Reservist EIDL:

1. Check your eligibility: To be eligible for a Military Reservist EIDL, you must be a small business owner or self-employed individual who is a military reservist called to active duty. Your business must have suffered economic injury as a result of your deployment, and you must have applied for assistance within one year of your release from active duty.

2. Gather your documentation: You will need to provide documentation to support your application, including proof of military service, evidence of economic injury, and financial statements for your business.

3. Submit your application: You can apply for a Military Reservist EIDL online through the SBA's website or by mail. You will need to provide basic information about yourself and your business, as well as details about your economic injury and the amount of funding you are seeking.

4. Await a decision: The SBA will review your application and notify you of its decision. If approved, you will receive the funds within a few weeks.

5. Repay the loan: You will need to repay the loan according to the terms set by the SBA. The interest rate is typically low, and you may have up to 30 years to repay the loan.

If you have any questions or need assistance with your application, you can contact the SBA's Customer Service Center at 1-800-659-2955 or by email at [email protected].