The U.S. Small Business Administration is reminding small businesses that February. twenty-four will be the submission deadline day for federal government economic injuries disaster loans available in Lee and Scott counties in Virginia. The SBA proclaimed a natural disaster as a result of extreme storms, tornadoes, straight-line winds along with water damage that developed on April 23, last year.
In addition, the Small Business Administration declared in the week that federal government economic damage catastrophe loans are available to small companies, small agricultural cooperatives, small corporations active in aquaculture and the majority of private non-profit firms of any size found in the counties of Dillon and also Horry in South Carolina because of Hurricane Irene that 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,” 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 accessible to eligible farm-related and nonfarm-related businesses that endured economic losses as a direct consequence of this catastrophe. Aside from aquacultural businesses, agricultural companies, farmers along with ranchers are 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 dependant upon the size of the applicant, form of undertaking as well as its financial means. The agency controls financial loan amounts in addition to terms based upon every candidate’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 created to replace missed sales or income.