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The U.S. Small Business Administration stated recently that federal economic injury disaster financial loans are offered to smaller businesses, small agricultural cooperatives, small corporations operating in aquaculture and the majority of private non-profit establishments of all sizes based in the counties of Dillon along with Horry in South Carolina due to Hurricane Irene that took place in August.

“These counties are eligible because they are contiguous to one or more primary counties in North Carolina. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” explained Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

“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,” noted Skaggs.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is accessible to qualified farm-related as well as nonfarm-related organizations that sustained economic losses being a direct result of this disaster. With the exception of aquacultural organizations, agricultural producers, farmers along with ranchers are definitely not eligible to a href=”http://www.sba.gov/content/how-apply-sba-loan”>apply to SBA.

Loan options 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, type of endeavor along with its financial means. The agency controls financial loan levels in addition to terms based on each and every candidate’s fiscal 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. The small business financing loan is not intended to replace lost sales or profits.

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