Thoughts on No-Hassle Small Business Loan Deadlines Products

Posted on January 28, 2012
Filed Under Business, Financial, Loans | Leave a Comment

The U.S. Small Business Administration is reminding small businesses that Feb. twenty four is the submitting deadline for federal government economic injuries disaster loans offered in Lee and Scott counties in Virginia. The SBA proclaimed a disaster because of severe storms, tornadoes, straight-line wind gusts along with water damage that began on April 23, last year.

In addition, the Small Business Administration revealed this week that federal economic damage disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and the majority of private non-profit organizations of all sizes located in the counties of Dillon along with Horry in South Carolina as a result 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 offered to eligible farm-related as well as nonfarm-related businesses that experienced financial losses as a direct consequence of this disaster. Except for aquacultural enterprises, agricultural companies, farmers along with 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 decides eligibility in line with the size of the prospect, type of undertaking and its financial resources. The agency designs financial loan levels in addition to terms dependent upon each and every applicant’s economic 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 meant to replenish already lost sales or income.

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