Jan22
Effortless Methods In SBA Disaster Loans – An Intro
The U.S. Small Business Administration revealed this week that federal government economic damage catastrophe financial loans are available to small businesses, small agricultural cooperatives, small organizations operating in aquaculture and most private non-profit firms of all sizes situated in the counties of Dillon along with Horry in South Carolina as a result of 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,” said 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,” noted Skaggs.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is readily available to qualified farm-related in addition to nonfarm-related companies that endured monetary losses being a direct result of this catastrophe. Aside from aquacultural enterprises, 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 determines eligibility depending on the size of the prospect, type of undertaking as well as financial means. The agency identifies loan levels as well as terms dependent upon each and every applicant’s financial affliction. SBA small business loan 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 loan financing is not intended to replace lost sales or profits.