The U.S. Small Business Administration is reminding small businesses that February. twenty-four will be the filing due date pertaining to federal economic injury disaster loans obtainable in Lee and Scott counties in Virginia. The SBA proclaimed a disaster as a consequence of severe storms, tornadoes, straight-line gusts of wind along with flooding which started on April 23, 2011.
In addition, the Small Business Administration declared this week that federal government economic damage disaster financial loans are offered to small companies, small farming cooperatives, small organizations active in aquaculture and the majority of private non-profit associations of any size based in the counties of Dillon and Horry in South Carolina due to 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,” declared 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 qualified farm-related and also nonfarm-related companies that experienced economic losses being a direct result of this catastrophe. With the exception of aquacultural organizations, agricultural producers, farmers and 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 ascertains eligibility based on the size of the prospect, type of endeavor along with its financial resources. The agency controls financial loan levels in addition to terms dependent upon every candidate’s fiscal condition. SBA small business loan 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 supplant missed sales or business earnings.
