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Columbia Business Monthly

SBA Working Capital Loan Deadline Is July 5

Jun 04, 2018 03:39PM ● Published by Kathleen Maris

The U.S. Small Business Administration is reminding businesses in South Carolina that working capital loans are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations affected by Hurricane Irma on Sept. 6-13, 2017.

“Businesses that suffered economic losses as a result of the disaster and want to apply for 
low-interest loans from the SBA are urged to do so before the July 5 deadline,” said Richard Morgan, acting director of SBA Field Operations Center East. 

Low-interest disaster loans are available in Beaufort and Jasper counties and the adjacent counties of Colleton and Hampton in South Carolina.   

Working capital disaster loans up to $2 million are available at 3.305 percent for small businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred. To be considered for this assistance, eligible entities need to apply by the deadline. 

Survivors may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at Disasterloan.sba.gov

Businesses may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. 

The deadline to return economic injury applications is July 5, 2018.