The U.S. Small Business Administration is telling small businesses that Feb. 24 will be the completing deadline pertaining to federal business damage catastrophe loans offered in Lee and Scott counties in Virginia. The SBA declared a catastrophe due to extreme storms, tornadoes, straight-line wind gusts and also floods which began on April 23, last year.
In addition, the Small Business Administration announced this week that federal economic damage disaster loans are available to small businesses, small agricultural cooperatives, small firms engaged in aquaculture and most private non-profit associations of all sizes located in the counties of Dillon and Horry in South Carolina as a consequence of Hurricane Irene which 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,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is offered to suitable farm-related in addition to nonfarm-related businesses that encountered monetary losses being a direct consequence of this calamity. Excluding aquacultural organizations, agricultural producers, farmers along with ranchers are definitely 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 depending on the size of the prospect, type of undertaking as well as financial resources. The agency creates loan levels along with terms dependent upon each and every candidate’s financial 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 meant to take the place of missed sales or revenue.