The U.S. Small Business Administration (SBA) is reminding private nonprofit organizations in South Carolina about the upcoming deadline to apply for federal disaster loans. These low-interest loans aim to offset economic losses caused by Hurricane Helene, which occurred from September 25 to October 7, 2024. The deadline for applications is July 7, 2025.
The disaster declaration includes numerous counties in South Carolina such as Abbeville, Aiken, Allendale, and others, along with the Catawba Indian Nation.
Through this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is accessible to private nonprofits that provide non-critical governmental services and have faced financial losses due to the hurricane. Eligible entities include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
These EIDLs address working capital needs resulting from the disaster and are available even if there was no physical damage to the nonprofit organization. They can be used for fixed debts, payrolls, accounts payable, and other unpaid bills because of the hurricane's impact.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster," said Chris Stallings of the SBA. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”
Loans can reach up to $2 million with interest rates starting at 3.25% and terms extending up to 30 years. Interest does not accrue nor are payments required until one year after receiving the first loan disbursement. The loan amounts and terms are determined based on each applicant’s financial situation.
Interested parties can apply online at sba.gov/disaster or contact SBA’s Customer Service Center via phone or email for more information regarding assistance options.
The final date for submitting economic injury applications is July 7, 2025.