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Picking out Products In Small Business Loan Deadlines

Posted on 28 January 2012

The U.S. Small Business Administration is reminding small businesses that February. 24 will be the completing due date regarding federal government economic damage catastrophe loans offered in Lee and Scott counties in Virginia. The SBA proclaimed a disaster because of extreme storms, tornadoes, straight-line gusts of wind along with floods which began on April 23, 2011.

In addition, the Small Business Administration announced this week that federal economic injury catastrophe financial loans are available to smaller businesses, small agricultural cooperatives, small businesses operating in aquaculture and the majority of private non-profit firms of all sizes situated in the counties of Dillon along with 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 readily available to eligible farm-related and also nonfarm-related companies that suffered economic losses being a direct result of this calamity. With the exception of aquacultural organizations, 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 candidate, form of undertaking as well as its financial assets. The agency establishes financial loan levels in addition to terms based upon each applicant’s financial affliction. 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 intended to replenish decreased sales or business earnings.