The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in South Carolina about the approaching deadline to apply for federal disaster loans. These loans aim to mitigate economic losses resulting from severe weather conditions, including straight-line winds, large hail, and heavy rain on June 10, 2024.
The affected areas include Berkeley, Charleston, Clarendon, Dorchester, Georgetown, Orangeburg, and Williamsburg counties. The SBA's Economic Injury Disaster Loan (EIDL) program is available to small businesses, agricultural cooperatives, nurseries, and nonprofits that experienced financial setbacks due to the disaster. However, the program does not extend to agricultural producers such as farmers or ranchers unless they are involved in aquaculture.
EIDLs provide working capital for those impacted by the disaster even if no physical damage occurred. The funds can be used for fixed debts, payroll obligations, accounts payable, and other expenses that could have been covered if not for the disaster.
Loan amounts can reach up to $2 million with interest rates of 4% for small businesses and 3.25% for nonprofits. Terms can extend up to 30 years with interest accruing only after a year from the first disbursement date. Loan terms depend on each applicant's financial status.
To apply or gather more information about these loans before the March 24 deadline, visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. For telecommunications relay services dial 7-1-1.
The U.S. Small Business Administration plays a crucial role in supporting American entrepreneurs by providing resources necessary for business initiation and growth or recovery following declared disasters through its network of field offices and partnerships.