The U.S. Small Business Administration is reminding small business that Feb. twenty-four will be the applying deadline day pertaining to federal business damage disaster loans offered in Lee and Scott counties in Virginia. The SBA proclaimed a disaster as a result of intense storms, tornadoes, straight-line wind gusts as well as flooding which started on April 23, last year.
In addition, the Small Business Administration announced recently that federal government economic injury disaster loans are available to small business, small farming cooperatives, small corporations engaged in aquaculture and most private non-profit associations of any size situated in the counties of Dillon along with Horry in South Carolina due to Hurricane Irene which 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,” 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 accessible to suitable farm-related in addition to nonfarm-related companies that encountered monetary losses being a direct result of this disaster. Except for aquacultural businesses, 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 ascertains eligibility depending on the size of the applicant, form of activity as well as its financial assets. The agency sets financial loan amounts along with terms dependent on 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 intended to supplant decreased sales or earnings.