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The U.S. Small Business Administration (SBA) is reminding small businesses and most private nonprofit organizations in South Carolina of the Oct. 22 deadline to apply for low interest federal disaster loans to offset economic losses caused by severe storms and flooding on Nov. 6 -14, 2024.
The disaster declaration covers the South Carolina counties of Aiken, Bamberg, Barnwell, Berkeley, Calhoun, Clarendon, Colleton, Dorchester, Lexington and Orangeburg.
Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses and PNPs providing non-critical services of a governmental nature impacted by financial losses directly related to the disaster.
Example of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
EIDLs are available for working capital needs caused by the disaster and are available even if the small business or PNP didn’t suffer any physical damage.
The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA.
Stallings added, “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”
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