SBA Disaster Loans Still Available to South Carolina Businesses Hit by January Tornadoes: Last Chance to Apply for Working Capital!

ATLANTA - The U.S. Small Business Administration (SBA) is reminding small businesses in South Carolina affected by the tornadoes on Jan. 9, that the deadline is approaching to apply for working capital disaster loans. Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations with economic losses from the incident should apply by the Dec. 23 deadline.

The declaration includes the counties of Allendale, Bamberg, Barnwell, Colleton, Hampton, and Orangeburg in South Carolina.

"Working capital loans from the SBA are essential to eligible small businesses affected by the incident," said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA. "These loans help sustain local economies when a disaster occurs."

These Economic Injury Disaster Loans (EIDLs) are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage.

Loan amounts can be up to $2 million with interest rates of 4% for small businesses and 3.25% for private nonprofit organizations, with terms up to 30 years. The SBA determines eligibility and sets loan amounts and terms based on each applicant's financial condition. Interest does not begin to accrue, and monthly payments are not due until twelve months from the date of the initial disbursement. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

On Oct. 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

Applicants may apply online and receive additional disaster assistance information at sba.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 6592955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

Submit completed loan applications to SBA no later than Dec. 23, 2024.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Related programs: Disaster

Email [email protected]