The U.S. Small Business Administration is telling small businesses proprietors that Feb. twenty-four will be the submitting deadline day for federal business injuries disaster loans obtainable in Lee and Scott counties in Virginia. The SBA proclaimed a natural disaster due to extreme storms, tornadoes, straight-line gusts of wind along with floods that developed on April 23, last year.
In addition, the Small Business Administration reported recently that federal economic injury disaster financial loans are available to smaller businesses, small farming cooperatives, small businesses engaged in aquaculture and the majority of private non-profit firms of all sizes situated in the counties of Dillon as well as Horry in South Carolina because of 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,” explained 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 suitable farm-related in addition to nonfarm-related businesses that experienced economic losses as a direct result of this disaster. With the exception of aquacultural businesses, agricultural companies, farmers and also 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 determines eligibility based on the size of the applicant, type of activity as well as its financial assets. The agency sets financial loan levels as well as terms based on each and every applicant’s fiscal affliction. These SBA small business loans 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 restore already lost sales or income.