Palmetto State News

The U.S. Small Business Administration (SBA) has approved disaster assistance for South Carolina following a request from Governor Henry McMaster on January 17. This decision allows businesses and residents affected by severe storms and flooding from November 6-14, 2024, to apply for low-interest disaster loans.

The declaration includes Orangeburg County and the surrounding counties of Aiken, Bamberg, Barnwell, Berkeley, Calhoun, Clarendon, Colleton, Dorchester, and Lexington.

To support those impacted by the disaster, the SBA will establish a Disaster Loan Outreach Center (DLOC) in Orangeburg County. The center will be located at Cordova Senior Citizens Center on Mixon Mill Road in Cordova. It will open on Monday, February 3, 2025. Operating hours are Monday through Friday from 9 a.m. to 6 p.m., and Saturdays from 10 a.m. to 2 p.m., closing permanently on Saturday, February 15 at 2 p.m.

Customer Service Representatives will be present at the center to assist with questions about the loan program and aid individuals in completing their applications. The deadline for submitting applications for physical property damage is March 24, 2025. For economic injury applications, the deadline is October 22, 2025.

Applicants can apply online or obtain additional information about disaster assistance at sba.gov/disaster. Further inquiries can be directed to SBA's Customer Service Center via phone or email.

Homeowners may receive loans up to $500,000 for real estate repairs or replacements due to damage or destruction. Homeowners and renters can access loans up to $100,000 for personal property repairs or replacements.

Eligible applicants might qualify for an increase of up to 20% of their verified physical damages for mitigation purposes such as installing safe rooms or storm shelters.

Small businesses and certain nonprofit organizations can apply for Economic Injury Disaster Loans (EIDLs) to address working capital needs resulting from the disaster. EIDL assistance is available even if no physical property damage occurred.

Interest rates start as low as 4% for businesses, 3.625% for nonprofit organizations, and 2.563% for homeowners and renters with terms extending up to 30 years. Interest accrual and monthly payments are deferred until one year after initial disbursement.