The U.S. Small Business Administration is reminding small businesses proprietors that Feb. twenty-four is the submitting deadline day pertaining to federal government financial damage catastrophe loans available in Lee and Scott counties in Virginia. The SBA declared a disaster as a consequence of extreme storms, tornadoes, straight-line wind gusts as well as flooding which started on April 23, last year.
In addition, the Small Business Administration stated recently that federal government economic injury catastrophe loans are offered to smaller businesses, small farming cooperatives, small firms operating in aquaculture and most private non-profit associations of all sizes situated in the counties of Dillon and also Horry in South Carolina due to 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,” 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 available to qualified farm-related and nonfarm-related entities that encountered financial losses being a direct result of this calamity. Excluding aquacultural businesses, agricultural companies, farmers and 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 based on the size of the applicant, form of endeavor and its financial assets. The agency designs financial loan levels as well as terms dependent on every applicant’s economic 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 replenish missed sales or earnings.