The U.S. Small Business Administration is reminding small establishments that Feb. twenty four will be the filing due date for federal government economic damage disaster loans obtainable in Lee and Scott counties in Virginia. The SBA proclaimed a natural disaster because of severe storms, tornadoes, straight-line wind gusts as well as water damage which began on April 23, 2011.
In addition, the Small Business Administration announced recently that federal economic damage disaster loans are available to small business, small farming cooperatives, small enterprises operating in aquaculture and the majority of private non-profit organizations of all sizes situated in the counties of Dillon as well as Horry in South Carolina because of Hurricane Irene which 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,” 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 suitable farm-related and nonfarm-related entities that sustained monetary losses being a direct consequence of this catastrophe. Excluding aquacultural enterprises, agricultural companies, farmers along with ranchers are 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 ascertains eligibility in line with the size of the applicant, form of endeavor along with its financial means. The agency sets loan amounts and terms based upon each candidate’s financial 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 substitute missed gross sales or business earnings.
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