The U.S. Small Business Administration is reminding small business that Feb. 24 is the applying due date for federal business damage disaster loans available in Lee and Scott counties in Virginia. The SBA declared a disaster as a consequence of severe storms, tornadoes, straight-line gusts of wind as well as flooding which began on April twenty three, 2011.
In addition, the Small Business Administration stated this week that federal government economic injury disaster financial loans are available to smaller businesses, small farm cooperatives, small firms active in aquaculture and the majority of private non-profit firms of any size found in the counties of Dillon and Horry in South Carolina as a consequence of Hurricane Irene that came about in August.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to assist eligible entities affected by the same disaster,” noted Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is readily available to suitable farm-related along with nonfarm-related companies that endured financial losses being a direct result of this calamity. With the exception of aquacultural businesses, agricultural producers, farmers and also ranchers are not eligible to apply to SBA.
Financing for small business can be up to $2 million, with interest rates of 3 percent for non-profit organizations and 4 percent for small businesses. Terms can be up to 30 years. The SBA determines eligibility based on the size of the applicant, type of undertaking along with its financial resources. The agency designs loan amounts and terms based upon each and every candidate’s fiscal condition. The may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. These particular small business loans are not created to supplant lost gross sales or earnings.