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The U.S. Small Business Administration is telling small enterprises that Feb. 24 will be the completing due date pertaining to federal business injuries catastrophe loans obtainable in Lee and Scott counties in Virginia. The SBA proclaimed a disaster because of severe storms, tornadoes, straight-line wind gusts along with flooding which developed on April 23, last year.

In addition, the Small Business Administration stated in the week that federal economic injury catastrophe loans are available to smaller businesses, small farming cooperatives, small businesses operating in aquaculture and most private non-profit firms of any size situated in the counties of Dillon and also Horry in South Carolina due to Hurricane Irene which came about 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,” announced 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 organizations that encountered financial losses being a direct result of this calamity. Except for aquacultural enterprises, agricultural companies, farmers and ranchers are definitely not eligible to a href=”http://www.sba.gov/content/how-apply-sba-loan”>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 determines eligibility dependant upon the size of the candidate, form of undertaking as well as financial assets. The agency sets loan levels and terms based upon each and every 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. These particular small business loans are not designed to take the place of already lost sales or revenues.