The U.S. Small Business Administration declared this week that federal economic damage disaster financial loans are available to small business, small agricultural cooperatives, small organizations active in aquaculture and most private non-profit associations of any size situated in the counties of Dillon as well as Horry in South Carolina as a result of Hurricane Irene that occurred in August.
“These counties are eligible because they are contiguous to one or more primary counties in North Carolina. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” declared Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
“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,” announced Skaggs.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related in addition to nonfarm-related entities that experienced monetary losses being a direct consequence of this catastrophe. Apart from aquacultural organizations, agricultural companies, farmers and also ranchers are not eligible to a href=”http://www.sba.gov/content/how-apply-sba-loan”>apply to SBA.
Loan options 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 ascertains eligibility in line with the size of the candidate, form of endeavor as well as its financial assets. The agency controls loan amounts in addition to terms dependent upon each and every candidate’s economic 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. The small business loan financing is not intended to replace lost sales or profits.