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The U.S. Small Business Administration announced this week that federal government economic damage catastrophe loans are offered to smaller businesses, small agricultural cooperatives, small firms active in aquaculture and most private non-profit firms of all sizes situated in the counties of Dillon along with Horry in South Carolina as a consequence of 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,” said 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,” announced Skaggs.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related in addition to nonfarm-related companies that suffered monetary losses being a direct result of this calamity. Excluding aquacultural enterprises, agricultural companies, farmers and ranchers are 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 determines eligibility in line with the size of the candidate, form of undertaking and its financial assets. The agency identifies financial loan levels along with terms based upon each and every applicant’s fiscal 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. The small business financing loan is not intended to replace lost sales or profits.

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