Palmetto State News

Following a request from Governor Henry McMaster for an expedited major disaster declaration, the U.S. Small Business Administration (SBA) has announced that businesses and residents in South Carolina affected by Hurricane Helene can apply for low-interest disaster loans. The hurricane impacted the region starting September 25.

The SBA's declaration includes Abbeville, Aiken, Allendale, Anderson, Bamberg, Barnwell, Beaufort, Cherokee, Chester, Edgefield, Fairfield, Greenville, Greenwood, Hampton, Jasper, Kershaw, Laurens, Lexington, McCormick, Newberry, Oconee, Orangeburg, Pickens, Richland, Saluda, Spartanburg, Union and York counties. Additionally covered is the Catawba Indian Nation in South Carolina. These areas are eligible for both Physical and Economic Injury Disaster Loans from the SBA.

Contiguous counties such as Berkeley, Calhoun, Chesterfield and others are eligible for Economic Injury Disaster Loans.

Homeowners can access loans up to $500,000 to repair or replace damaged real estate. Homeowners and renters may also qualify for up to $100,000 to address personal property damage or loss.

An increase of up to 20% of physical damages verified by the SBA is available for mitigation purposes. This could include safe rooms or storm shelters among other improvements.

Small businesses and certain nonprofits have access to Economic Injury Disaster Loans (EIDLs) aimed at addressing working capital needs due to the disaster. EIDL assistance is provided regardless of physical property damage status.

Interest rates offered are as low as 4% for businesses and 3.25% for nonprofit organizations. Homeowners and renters benefit from a rate of 2.813%. Loan terms extend up to 30 years with no interest accrual or monthly payments required until a year after initial disbursement.

Applications can be submitted online at sba.gov/disaster or through SBA's Customer Service Center at (800) 659-2955. Assistance is also available via email at disastercustomerservice@sba.gov. Telecommunications relay services can be accessed by dialing 7-1-1.

The deadline for submitting applications related to physical property damage is November 29th of this year while economic injury applications must be returned by June 30th next year.