The U.S. Small Business Administration is reminding local companies that February. 24 is the applying due date regarding federal government financial damage disaster loans obtainable in Lee and Scott counties in Virginia. The SBA declared a disaster due to extreme storms, tornadoes, straight-line winds and also floods that started on April 23, 2011.
In addition, the Small Business Administration announced this week that federal economic injury catastrophe loans are offered to small businesses, small farming cooperatives, small companies engaged in aquaculture and the majority of private non-profit organizations of any size located in the counties of Dillon and also Horry in South Carolina because of Hurricane Irene that 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,” 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 available to qualified farm-related and also nonfarm-related organizations that encountered monetary losses as a direct result of this disaster. Aside from aquacultural enterprises, agricultural companies, farmers and ranchers are not eligible to a href=”http://www.sba.gov/content/how-apply-sba-loan”>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 in line with the size of the applicant, form of undertaking as well as its financial resources. The agency establishes loan levels and terms based on 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. These particular small business loans are not developed to restore lost gross sales or business earnings.