At Governor Henry McMaster's March 20 request, the U.S. Small Business Administration (SBA) will allow South Carolina businesses and residents affected by the January 9 tornadoes to apply for low-interest disaster loans. announced that he was qualified to do so.
The declaration covers Bamburg County and neighboring counties Allendale, Barnwell, Colleton, Hampton and Orangeburg.
To assist businesses and residents affected by the disaster, the SBA was scheduled to open a Disaster Loan Outreach Center (DLOC) in Bamberg County on Wednesday, March 27, 2024 at 11 a.m.
Customer service representatives were to be stationed at the center to answer questions about the disaster loan program and assist individuals with the application process.
“Businesses and private nonprofit organizations can use up to 100,000 units to repair or replace real estate, machinery and equipment, inventory, and other business assets damaged or destroyed in a disaster,” said Richard White, SBA's South Carolina District Director. “We can borrow $2 million.”
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations, the SBA provides Economic Injury Disaster Loans (EIDLs) to meet disaster-induced working capital needs. I am.
EIDL assistance is available whether or not a business has sustained property damage.
Loans of up to $500,000 are available to homeowners to repair or replace damaged or destroyed properties.
Homeowners and renters are eligible for loans of up to $100,000 to repair or replace damaged or destroyed personal property.
Applicants may be eligible for a loan amount increase of up to 20% of the amount of bodily injury verified by the SBA for mitigation purposes.
Eligible mitigation improvements may include things like safety chambers and rain shutters, sump pumps, French drains and retaining walls to protect property and occupants from future damage.
Interest rates are as low as 4 percent For business, 3.25 percent For non-profit organizations, and 2.688% Available to homeowners and renters with terms of up to 30 years.
Interest does not begin to accrue and no monthly payments occur until 12 months after the first payment date. The loan amount and loan terms are set by the SBA and are determined based on each applicant's financial situation.
Applicants can apply online and receive additional disaster assistance information at sba.gov/disaster.
Applicants may also call or email the SBA Customer Service Center at (800) 659-2955. [email protected] Learn more about SBA Disaster Assistance.
People who are deaf, hard of hearing, or have speech disabilities can access telecommunications relay services by dialing 7-1-1.
Deadlines for returning applications for property damage are: May 21, 2024. The deadlines for returning economic injury applications are: December 23, 2024.
