Following Gov. Henry McMaster's March 20 request, the U.S. Small Business Administration (SBA) announced that South Carolina's businesses and residents affected by the Jan. 9 tornadoes are eligible to apply for low-interest disaster loans.
The declaration covers Bamberg County and the adjacent counties of 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 at 11 a.m. on Wednesday, March 27, 2024.
Customer service representatives were to be available at the Center to answer questions about the disaster loan program and help individuals complete their applications.
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s South Carolina District Director Richard White.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster.
EIDL assistance is available regardless of whether the business suffered any physical property damage.
Loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate.
Homeowners and renters are eligible for loans 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 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.
Interest rates are as low as 4 percent for businesses, 3.25 percent for nonprofit organizations, and 2.688 percent for homeowners and renters, with terms up to 30 years.
Interest doesn’t begin to accrue, and monthly payments aren’t due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants can apply online and receive additional disaster assistance information at sba.gov/disaster.
Applicants can also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance.
People who are deaf, hard of hearing, or have a speech disability can dial 7-1-1 to access telecommunications relay services.
The filing deadline to return applications for physical property damage is May 21, 2024. The deadline to return economic injury applications is Dec. 23, 2024.