The U.S. Small Business Administration is telling small companies that Feb. 24 is the applying deadline pertaining to federal economic injuries disaster loans obtainable in Lee and Scott counties in Virginia. The SBA proclaimed a catastrophe because of intense storms, tornadoes, straight-line winds and water damage which began on April 23, last year.

In addition, the Small Business Administration reported recently that federal economic damage catastrophe financial loans are offered to small companies, small farm cooperatives, small firms engaged in aquaculture and most private non-profit organizations of all sizes based in the counties of Dillon and also Horry in South Carolina as a result of Hurricane Irene that came about in August.

“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,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is offered to eligible farm-related as well as nonfarm-related organizations that encountered financial losses as a direct result of this disaster. Excluding aquacultural enterprises, agricultural producers, farmers along with ranchers are definitely not eligible to apply to SBA.

Financing 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 prospect, form of activity as well as financial resources. The agency creates loan levels in addition to terms dependent on every applicant’s fiscal affliction. 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. These particular small business loans are not intended to replenish missed sales or revenue.