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Posted on Tue, 02/7/2012 - 12:28 PM by
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The U.S. Small Business Administration (SBA) has kept Feb. 24th the deadline for ‘Federal Government Financial Injury Disaster Loans’ meant for Lee and Scott counties in Virginia. Businesses in Lee and Scott counties faced destruction as a result of intense storms, flooding, wind gusts and tornadoes that hit on April 23rd, 2011. Federal Economic Damage Disaster Loans have also been made available by SBA to small companies, aquaculture and small farming cooperatives. This includes damages caused due to Hurricane Irene to private non-profit organizations of every size based in counties of Dillon and Horry in South Carolina. It is seen that the declaration by ‘Secretary of Agriculture’ goes hand in hand with the declaration of SBA. Whenever, the ‘Secretary of Agriculture’ makes some declaration to help farmers overcome damages and crop loss, the ‘Small Business Administration’ too announces declaration to assist eligible business entities affected by disaster. This time, the SBA has done it again and is reminding Lee and Scott county businesses to file disaster loan applications on or before Feb 24th. Financing for small business can extend up-to $2 million with interest rate of 3 percent for non-profit organizations and 4 percent for small businesses. The repayment term can extend up-to 30 years and the eligibility depends on applicant’s size, type of endeavor as well as financial access. Small Business Loan can also be used to pay bills, payroll, and fixed debts.
MORE NEWS FROM BIZ2CREDITFirst State Bank Of Nebraska Recognized As Community Lender For 2012The First State Bank of Nebraska has been recognized as the Rural/Community Lender of the year 2012. SBA has recognized the bank for its efforts in Nebraska. State Bank Nebraska has served the community in a number of ways. SRDC Is Offering Loans Through RLFSouthwest Regional Development Commission (SRDC) is offering loans through revolving loan fund (RLF). Its purpose is to have a direct financing tool making loan funds available so as to assist in retail, manufacturing, and distribution businesses. Sound Business Plan is key for Business LoanA solid business plan makes it easy for the business to get access to credit. A solid business plan helps to win customers and it also becomes a strong calling card to secure business loans. Loan Approval Rate Declines Due To Fall in SBA GuaranteeBiz2credit finds overall approval rate of small business loans to increase in April compared to a year earlier. Alternative lenders approved 63% of small-business loans compared to 53.6% a year ago. Approval rate of credit unions is 57.4%, small banks 45.9% and big banks 10.6%. The approval rates are more compared to a year earlier. Minority Business LoanMinority business loan as the term describes is a type of financial help provided to the people of minority background for their business and commercial purposes. Such loans also come in different categories like small business loan, large business loan, loans for men and women. However, the provision of customized loan program is also available as per the specific requirement of a customer or a minority business owner. Likewise, government organizations are also assisting minority businesses and playing a vital role for their business growth including the lower income group. These government bodies not only meet the financial requirements but also socially fortify the financial backward divisions. Besides, women minority business owners are also unrestricted to get the benefit of these loans. In fact certain non-profit organizations are also proactively participating in minority business loan programs with the purpose of advancement of these minority groups. RELATED SMALL BUSINESS NEWSHow Ads on Your Site Can Affect SEO (Video)Your search rankings could be suffering if there are a number of advertisements above the content on your website. ... Nominations Are Open for the Small Business Influencer Awards!Does a special person or company come to mind when you think of someone or something important in the world of small business? Perhaps you think of a client of yours. Or maybe a favorite vendor or supplier, or a software app that has transformed your small business or made it more profitable. Or perhaps you think of a favorite journalist who covers issues important to small businesses. SBA Seeks to Boost Small-Dollar Loans With New Push (Video)The SBA is looking to increase the number of smaller loans in underserved communities with a new push. ... You’re the Boss Blog: A Start-Up Wants to Help You Cut Through the Clutter and Noise OnlineOne concern: the pitch could have done a better job of discussing the potential for competition. ... Want the Right Stuff? Start With Your Help-Wanted AdA top-performing team starts with writing a thorough and accurate job description. Consider these five tips. ... |
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This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to info@biz2credit.com