The U.S. Small Business Administration (SBA) has kept Feb. 24th the deadline for ‘Federal Government Financial Injury Disaster Loans’ meant for Lee and Scott counties in Virginia. Businesses in Lee and Scott counties faced destruction as a result of intense storms, flooding, wind gusts and tornadoes that hit on April 23rd, 2011.
Federal Economic Damage Disaster Loans have also been made available by SBA to small companies, aquaculture and small farming cooperatives. This includes damages caused due to Hurricane Irene to private non-profit organizations of every size based in counties of Dillon and Horry in South Carolina.
It is seen that the declaration by ‘Secretary of Agriculture’ goes hand in hand with the declaration of SBA. Whenever, the ‘Secretary of Agriculture’ makes some declaration to help farmers overcome damages and crop loss, the ‘Small Business Administration’ too announces declaration to assist eligible business entities affected by disaster.
This time, the SBA has done it again and is reminding Lee and Scott county businesses to file disaster loan applications on or before Feb 24th. Financing for small business can extend up-to $2 million with interest rate of 3 percent for non-profit organizations and 4 percent for small businesses. The repayment term can extend up-to 30 years and the eligibility depends on applicant’s size, type of endeavor as well as financial access. Small Business Loan can also be used to pay bills, payroll, and fixed debts.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com