PR Newswire and US Newswire have published a report on 28 Nov 2011, that Secretary of Agriculture has declared while speaking in Massachusetts that disaster loans are now available to all the agriculture related affectees.
On the 28 Nov 2011, the US Small Business Administration (SBA) at Atlanta, announced that Federal Economic Inquiry Disaster Loans will also be applicable to all the small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes located in Barnstable, Bristol, Dukes Nantucket. Norfolk, Plymouth and Suffolk counties in Massachusetts, because of the excessive rains, high winds associated with the Tropical Storm Irene that struck these areas between 28Aug to 31 Aug 2011.
Mr. Frank Skaggs the Director of Small Business Administration Field Operations Center East announced that when the Secretary of Agriculture issues a Disaster Declaration for the farmers to help them recover their damages, Small Business Administration also issues its Declaration to eligible entities affected by the same disaster.
The purpose of this Declaration is to provide assistance to farm related and non farm related entities under the SBA’s Economic Inquiry Disaster Loan Program. Under this program only the Aquacultural Enterprises are eligible, other categories of agriculturists are not eligible The loan amount can be up to $2 million with a 3 percent interest for non-profit organizations and 4 percent for small businesses. The terms of the loan are up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital 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 loans are not intended to replace lost sales or profits..
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