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The U.S. Small Business Administration is telling small business that Feb. 24 is the filing deadline day regarding federal government financial injury disaster loans obtainable in Lee and Scott counties in Virginia. The SBA declared a catastrophe as a consequence of severe storms, tornadoes, straight-line wind gusts in addition to flooding that started on April 23, 2011.

In addition, the Small Business Administration announced recently that federal economic injury disaster loans are offered to smaller businesses, small agricultural cooperatives, small companies engaged in aquaculture and the majority of private non-profit establishments of all sizes found in the counties of Dillon and also Horry in South Carolina because of Hurricane Irene that 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,” 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 readily available to eligible farm-related in addition to nonfarm-related businesses that suffered monetary losses as a direct result of this calamity. Apart from aquacultural businesses, agricultural producers, farmers and ranchers are 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 determines eligibility in line with the size of the candidate, form of undertaking as well as its financial assets. The agency sets loan amounts along with terms based upon each and every candidate’s financial 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 developed to substitute already lost gross sales or net income.

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