Following Governor Henry McMaster’s April 15 request, the U.S. Small Business Administration announced today that South Carolina’s businesses and residents affected by the severe storms and tornadoes on April 5-6 may apply for low-interest disaster loans.
To assist businesses and residents affected by the disaster, the SBA will open Disaster Loan Outreach Centers (DLOCs) in Allendale and Bamberg counties on Friday, April 22 at 11 a.m. as indicated below:
Customer Service Representatives will be available at the DLOCs to answer questions about the disaster loan program and help individuals complete their applications.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster. EIDL Loan assistance is available regardless of whether the business suffered any physical property damage.
Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain, or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 2.94 percent for businesses, 1.875 percent for nonprofit organizations, and 1.438 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration # 17402.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or emailing DisasterCustomerService@sba.gov. Loan applications may be downloaded at sba.gov/disaster Completed applications should be returned to the centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas 76155.
The filing deadline to return applications for physical property damage is June 20, 2022. The deadline to return economic injury applications is Jan. 19, 2023.