The U.S. Small Business Administration declared in the week that federal economic injury disaster loans are available to smaller businesses, small agricultural cooperatives, small companies active in aquaculture and the majority of private non-profit establishments of all sizes situated in the counties of Dillon and also Horry in South Carolina due to Hurricane Irene which 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,” stated 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 available to eligible farm-related and also nonfarm-related businesses that endured economic losses being a direct consequence of this disaster. Aside from aquacultural organizations, 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 decides eligibility depending on the size of the candidate, form of activity as well as its financial resources. The agency creates financial loan amounts as well as terms based upon each candidate’s fiscal condition. The 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.