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The U.S. Small Business Administration stated this week that federal economic damage catastrophe financial loans are available to smaller businesses, small farming cooperatives, small businesses engaged in aquaculture and most private non-profit associations of any size situated in the counties of Dillon along with Horry in South Carolina as a consequence of Hurricane Irene which came about 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 accessible to qualified farm-related as well as nonfarm-related companies that experienced monetary losses as a direct consequence of this disaster. Excluding aquacultural enterprises, agricultural producers, 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 determines eligibility depending on the size of the candidate, form of undertaking and its financial means. The agency designs loan levels and terms dependent on every candidate’s financial 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.