The U.S. Small Business Administration is telling smaller businesses that February. 24 is the submission due date pertaining to federal financial damage disaster loans obtainable in Lee and Scott counties in Virginia. The SBA proclaimed a natural disaster because of extreme storms, tornadoes, straight-line wind gusts along with floods which started on April 23, last year.
In addition, the Small Business Administration declared this week that federal government economic damage disaster loans are offered to small business, small farming cooperatives, small organizations active in aquaculture and most private non-profit firms of any size based in the counties of Dillon and Horry in South Carolina due to Hurricane Irene which took place 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,” explained 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 eligible farm-related along with nonfarm-related companies that suffered economic losses as a direct consequence of this calamity. With the exception of aquacultural enterprises, agricultural companies, farmers and 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 decides eligibility depending on the size of the prospect, form of undertaking as well as its financial means. The agency designs financial loan amounts and terms dependent upon 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 designed to replace decreased sales or business earnings.