This entry was posted on Sunday, January 22nd, 2012 at 3:32 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.
The Facts On Practical Plans Of SBA Disaster Loans
The U.S. Small Business Administration stated this week that federal government economic injury disaster financial loans are available to small companies, small agricultural cooperatives, small companies engaged in aquaculture and most private non-profit associations of all sizes found in the counties of Dillon and Horry in South Carolina due to Hurricane Irene that occurred 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,” noted 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,” stated Skaggs.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is accessible to eligible farm-related along with nonfarm-related businesses that suffered financial losses as a direct consequence of this catastrophe. Apart from aquacultural organizations, agricultural companies, farmers along with ranchers are not eligible to 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 candidate, type of activity along with its financial means. The agency sets loan amounts and terms based upon each candidate’s economic 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. The small business financing loan is not intended to replace lost sales or profits.