U.S. Small Business Administration has announced that Federal economic injury disaster loans are available to business owners and non-profits in Georgia. Due to frost and freezing temperatures in Camden and Charlton counties of Georgia, disaster assistance in the form of loans are made available to business owners.
Camden and Charlton counties are eligible for disaster assistance as they are close to some primary counties of Florida. SBA understands that disasters cannot be confined within State borders. And so disaster loans have been extended to counties that are adjacent to primary disaster hit States. This time it is Camden and Charlton counties to receive loans because of Jan.3-16, 2012 freezing temperatures. Both small businesses and private non-profit organizations can apply for grants.
SBA comes up with an instant response whenever Secretary of Agriculture issues a disaster declaration. Assistance is provided to eligible business entities that are ravaged by disasters of any kind.
There is also the SBA’s Economic Injury Disaster Loan program. It is meant for farm-related and non-farm entities that have suffered losses due to nature instigated disasters. SBA can offer disaster assistance to aquaculture enterprises.
The loan amount can range up-to $2 million with interest rate of 3 percent for private non-profit organizations and 4 percent for small businesses. The term of loan is 30 years. Eligibility is determined by SBA based on the size of applicant, its activity and financial resources. Working capital loans are used to pay fixed debts, account payables, payroll and other bills. People affected by nature-initiated-ravages can apply for disaster loans electronically and download application forms from SBA’s website.
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 firstname.lastname@example.org