Decline Code 34 Credit is available elsewhere.

(NOTE: Use only for EIDLs.)

Federal law requires SBA to determine whether credit (based on available assets and uncompensated losses of the applicant/principal/affiliates) in an amount needed to accomplish full disaster recovery is available from nongovernment sources on reasonable terms and conditions without creating an undue financial hardship. The law calls this Credit Available Elsewhere.

Disaster loans are taxpayer subsidized. Congress intended that applicants able to provide funding for their own recovery must do so and are not eligible for Economic Injury Disaster Loans (EIDL). We analyzed your loan application and supporting financial information to determine all income, assets and debts. We concluded that (Applicant Name) has Credit Available Elsewhere and is not eligible for EIDL assistance.

Resource: SBA SOP 50 30 8