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The U.S. Small Business Administration is reminding local businesses that Feb. twenty four will be the filing deadline for federal business injury catastrophe loans offered in Lee and Scott counties in Virginia. The SBA proclaimed a catastrophe as a result of severe storms, tornadoes, straight-line winds and water damage which developed on April twenty three, last year.

In addition, the Small Business Administration revealed in the week that federal government economic injury catastrophe loans are offered to small businesses, small farm cooperatives, small companies active in aquaculture and the majority of private non-profit firms of all sizes found 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,” explained 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 eligible farm-related as well as nonfarm-related businesses that endured economic losses as a direct result of this disaster. Aside from aquacultural enterprises, agricultural companies, farmers and also ranchers are 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 ascertains eligibility depending on the size of the prospect, type of activity along with its financial means. The agency identifies loan levels along with terms based upon each and every candidate’s fiscal condition. 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 created to replace already lost sales or profits.