The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in South Carolina of the upcoming deadline to apply for federal disaster loans related to drought conditions that occurred from August 6 to August 12, 2024. The application deadline for these low-interest loans is July 21, 2025.
This disaster declaration applies to the counties of Berkeley, Charleston, Dillon, Florence, Georgetown, Horry, Marion, and Williamsburg. Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is accessible to small businesses, small agricultural cooperatives, nurseries, and private nonprofits that have experienced financial losses due to the drought. However, agricultural producers such as farmers or ranchers are not eligible unless they operate small aquaculture enterprises.
The EIDLs are intended for working capital needs resulting from the disaster and can be utilized even if there was no physical damage incurred by the business or nonprofit. These loans can be used for various expenses including fixed debts, payroll costs, accounts payable, and other bills that could not be paid due to the economic impact of the drought.
Chris Stallings from the SBA highlighted the importance of this assistance: “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” he stated. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Loan amounts may reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for private nonprofits. Loan terms can extend up to 30 years based on each applicant’s financial condition. Notably, interest does not accrue nor are payments required until one year after the first loan disbursement.
Applications can be submitted online at sba.gov/disaster or by contacting SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1 for those who need it.
The deadline for returning economic injury applications remains July 21.