Opus

The U.S. Small Business Administration reported recently that federal economic damage disaster financial loans are available to small companies, small farming cooperatives, small firms operating in aquaculture and most private non-profit associations of all sizes situated in the counties of Dillon as well as Horry in South Carolina as a result of Hurricane Irene that occurred 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,” noted 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 offered to suitable farm-related in addition to nonfarm-related organizations that suffered economic losses as a direct consequence of this catastrophe. Excluding aquacultural organizations, agricultural companies, farmers along with ranchers are definitely not eligible to 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 decides eligibility dependant upon the size of the prospect, type of endeavor as well as its financial means. The agency sets financial loan levels in addition to terms based upon each and every candidate’s economic 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 loan financing is not intended to replace lost sales or profits.