SBA Loan Programs

More details about SBA loans offered during the pandemic.

Small Business Administration Programs


SBA Paycheck Protection Program (PPP)

On April 24, Congress refunded the Small Business Administration Paycheck Protection Program (SBA PPP) with $310 billion to help prevent workers from losing their jobs and support small businesses due to COVID-19 disruptions. If you're interested in learning more about the program, review details on this page, including our loan calculator and checklist, and contact your loan officer.

 SBA PPP Resources:

How do I determine the size of a loan I’m eligible for?

AgChoice has prepared a few resources to help you answer this question. Check out the links below. Included are a document checklist, detailing information you will need to collect, along with an interactive calculator.

Who do I contact if I’m interested in applying for a SBA PPP loan through AgChoice?

Contact your loan officer or call us at 800-998-5557 to indicate your interest. 

How do I apply for loan forgiveness? 

SBA recently released guidelines for PPP loan recipients to apply for forgiveness through their lender. 

To help you complete the required next steps for forgiveness, AgChoice developed the following tools. 

  • AgChoice SBA PPP document checklist for submission requirements.
  • AgChoice SBA PPP loan forgiveness calculator that includes the SBA application and certifications. You will need to print and sign these forms after completing the calculator.  

We also encourage you to view these recorded videos from our staff to help you understand the process. 

We also will host virtual office hours for questions with our PPP loan experts this June. Watch your email for dates and registration details. 

SBA Emergency Income Disaster Loan (EIDL)

EIDL is open to production agriculture and offers loans up to $2 million to cover working capital at a rate of 3.75% for businesses on a 30-year term. Payments on EIDL loans are deferred for one year and eligible applicants may also receive an emergency grant of up to $10,000 within three days of application. Emergency grants do not need to be repaid, and applicants do not need to have an approved EIDL loan to receive the grant.

While EIDL loans seem attractive, they might not be a fit for every farm. Before signing for an EIDL loan, first talk with your lender or financial advisor. 

Items that your farm should consider:

  • EIDL paperwork includes language about needing to obtain SBA concurrence before seeking a future advance on a senior secured credit line. It is unclear to what extent this will be enforced, but it may cause issues for farms if they have credit lines with other lenders besides SBA.
  • Pledging collateral to SBA may impact your current lender’s ability to lend additional funds in the future.
  • SBA consent is needed prior to any ownership transfers, so if your farm is planning an upcoming farm transition it may be impeded.
  • There are other impacts on EIDL if your farm received a SBA Paycheck Protection Program (PPP) loan.The amount of your EIDL grant would be subtracted from the PPP forgiveness amount. You will also not be able to use EIDL proceeds for payroll, mortgage interest, utilities or rent since that is the intended purpose for PPP.

SBA EIDL is a program that may be useful for some farms, but there are implications that should be considered first. Remember to consult with your lender or financial advisor to discuss if the program fits with your individual situation.