The U.S. Small Business Administration reported recently that federal economic injury disaster financial loans are available to small business, small agricultural cooperatives, small businesses active in aquaculture and the majority of private non-profit establishments of all sizes based in the counties of Dillon and Horry in South Carolina as a consequence of Hurricane Irene that came about in August.

“These counties are eligible because they are contiguous to one or more primary counties in North Carolina. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” announced Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

“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 Skaggs.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is readily available to qualified farm-related and also nonfarm-related companies that suffered financial losses as a direct result of this disaster. Apart from aquacultural enterprises, agricultural producers, farmers along with ranchers are not eligible to a href=”http://www.sba.gov/content/how-apply-sba-loan”>apply to SBA.

Loan options 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 in line with the size of the prospect, type of undertaking along with its financial means. The agency identifies loan amounts in addition to terms based upon every applicant’s fiscal 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. The small business financing loan is not intended to replace lost sales or profits.