How Should We Describe Our Business for an EIDL Loan - Help

[Brandon Danowsky]

Hello, all.

I am collaborating with a chief manager from an investment group on submitting a reconsideration letter for an EIDL loan. In their denial letter, the SBA stated that the business activity of the investment group is not eligible, that EIDL assistance is available only to a small business engaged in an eligible business activity, and that business activity here means the nature of the business conducted by the applicant.

We are a privately held real estate investment firm. Now in our tenth year, having purchased and sold over 200 homes, Initially, we focused on buying and selling residential properties. We are now focusing on the development of our commercial real estate portfolio. We intend to be as successful in the commercial market. Of course, the virus has made this difficult, as it has for us all.

We may have put down the wrong business activity for a real estate/investment group, in our application. 

In a reconsideration letter, how would it be best to describe our business and to increase our chances of getting an EIDL loan?

Thanks so much, any thoughts and feedback are appreciated.