Locating Swift Products For SBA Disaster Loans
Posted by admin | Uncategorized | Posted on January 22nd, 2012
The U.S. Small Business Administration revealed recently that federal government economic damage catastrophe financial loans are available to small businesses, small agricultural cooperatives, small firms engaged in aquaculture and the majority of private non-profit firms of all sizes located in the counties of Dillon and Horry in South Carolina as a consequence of Hurricane Irene which 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,” announced 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 available to suitable farm-related as well as nonfarm-related entities that suffered economic losses being a direct consequence of this calamity. Except for aquacultural businesses, agricultural companies, farmers and ranchers are definitely 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 applicant, form of endeavor along with its financial assets. The agency controls loan levels as well as terms dependent upon every candidate’s economic 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 financing loan is not intended to replace lost sales or profits.