Palmetto State News

The U.S. Small Business Administration (SBA) has approved Governor Henry McMaster's request for disaster assistance, allowing South Carolina businesses and residents affected by the severe weather on June 10 to apply for low-interest disaster loans. This declaration encompasses Berkeley County and the adjacent counties of Charleston, Clarendon, Dorchester, Georgetown, Orangeburg, and Williamsburg.

To support those impacted by the disaster, the SBA will open a Disaster Loan Outreach Center (DLOC) in Berkeley County at the Sangaree Library located at 595 Sangaree Parkway, Summerville, S.C. The center will commence operations on Monday, July 1, 2024, from 11 a.m. to 6 p.m., with regular hours from Monday to Friday between 9 a.m. and 6 p.m., and Saturdays from 10 a.m. to 2 p.m. The center will be closed on Sundays and Thursday, July 4 for Independence Day. It will permanently close on Friday, July 19 at 6 p.m.

Customer Service Representatives will be present at the DLOC to assist with questions about the disaster loan program and aid individuals in completing their applications.

For small businesses, agricultural cooperatives engaged in aquaculture, and most private nonprofit organizations affected by this disaster, Economic Injury Disaster Loans (EIDLs) are available to help meet working capital needs regardless of physical property damage.

Homeowners can apply for loans up to $500,000 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 also qualify for a loan amount increase of up to 20% of their physical damages as verified by the SBA for mitigation purposes. Eligible mitigation improvements include safe rooms or storm shelters, sump pumps, French drains or retaining walls designed to protect properties from future damage.

Interest rates start as low as 4% for businesses; nonprofits can access loans at rates starting from 3.25%, while homeowners and renters can secure loans at rates beginning at 2.688%. Loan terms extend up to 30 years with interest accrual and monthly payments deferred until one year after initial disbursement.

Applications can be submitted online via sba.gov/disaster where additional information is also available. Alternatively, applicants may contact SBA's Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for further assistance. Telecommunications relay services are accessible by dialing 7-1-1.

The deadline for returning applications related to physical property damage is August 23, 2024; economic injury applications must be submitted by March 24, 2025.