Division of Small Business

Small business owners, keep an eye out for possible Coronavirus loan scams

With the Delaware Division of Small Business and the U.S. Small Business Administration launching loan programs to assist Delaware small business owners negatively affected by Coronavirus, it’s important to keep an eye out for possible scammers looking to prey on unsuspecting business owners. In fact, DSB has received multiple loan scam emails in the past few days.

Keep in mind, the Division of Small Business does not charge an application fee for its HELP loan program to assist small businesses in the hospitality industry economically affected by Coronavirus. Nor does SBA charge an application fee for its Coronavirus disaster relief loan.

The SBA has an advisory with general advice on how to avoid scams. Here are some of the suggestions:

  • Don’t release any private information (especially Social Security numbers, credit card information, or banking information) in response to an unsolicited call, letter, or email.
  • Contact the Better Business Bureau (BBB) for more information on a company before you commit to anything.
  • Contact your state’s Attorney General’s office.
  • Do a reverse search of the phone number on the internet–you’ll often find that several people have listed the number as belonging to scammers. Ask for the number if you don’t have caller ID.

Click here to read more from SBA on how to avoid scams.

Make sure to sign up for the Division of Small Business email list for updates on the Coronavirus impact and response. Click here to register.

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