Wall Street

The U.S. Small Business Administration is reminding small businesses that February. 24 is the submitting deadline pertaining to federal government financial injuries disaster loans offered in Lee and Scott counties in Virginia. The SBA proclaimed a natural disaster because of severe storms, tornadoes, straight-line gusts of wind and also water damage that began on April 23, 2011.

In addition, the Small Business Administration revealed this week that federal government economic injury catastrophe loans are available to small companies, small farming cooperatives, small organizations engaged in aquaculture and most private non-profit establishments of all sizes based in the counties of Dillon and also 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,” noted Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is offered to suitable farm-related as well as nonfarm-related entities that experienced monetary losses as a direct consequence of this catastrophe. Except for aquacultural organizations, agricultural producers, farmers and also 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 decides eligibility dependant upon the size of the candidate, type of activity along with its financial means. The agency controls financial loan amounts as well as terms based upon every candidate’s economic condition. These 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 supplant missed sales or revenues.