The U.S. Small Business Administration is reminding small establishments that February. 24 will be the completing deadline day regarding federal government economic damage catastrophe loans available in Lee and Scott counties in Virginia. The SBA proclaimed a disaster as a consequence of severe storms, tornadoes, straight-line wind gusts as well as flooding that developed on April 23, 2011.
In addition, the Small Business Administration announced in the week that federal government economic injury disaster financial loans are available to small business, small farm cooperatives, small firms engaged in aquaculture and the majority of private non-profit organizations of all sizes situated in the counties of Dillon and also Horry in South Carolina due to Hurricane Irene that occurred 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,” announced 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 eligible farm-related in addition to nonfarm-related entities that endured financial losses as a direct result of this disaster. Excluding aquacultural businesses, agricultural companies, farmers along with ranchers are definitely 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 in line with the size of the applicant, type of activity along with its financial assets. The agency controls financial loan levels in addition to terms dependent on each and every applicant’s financial affliction. These 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 created to replace missed gross sales or revenues.