Swift Solutions For Small Business Loan Deadlines

The U.S. Small Business Administration is reminding small enterprises that Feb. 24 is the application deadline regarding federal government financial damage catastrophe loans offered in Lee and Scott counties in Virginia. The SBA proclaimed a natural disaster because of intense storms, tornadoes, straight-line gusts of wind along with floods which began on April 23, 2011.

In addition, the Small Business Administration stated in the week that federal government economic damage catastrophe financial loans are available to small companies, small farm cooperatives, small businesses engaged in aquaculture and the majority of private non-profit organizations of any size based in the counties of Dillon and also Horry in South Carolina as a result of Hurricane Irene which took place 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,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is accessible to qualified farm-related in addition to nonfarm-related businesses that suffered financial losses as a direct result of this disaster. Aside from aquacultural organizations, agricultural producers, farmers along with ranchers are definitely 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 based on the size of the applicant, type of undertaking and its financial assets. The agency identifies loan amounts as well as terms dependent on each and every applicant’s financial condition. 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. These particular small business loans are not developed to take the place of already lost sales or business earnings.