SBA Relief Still Available to South Carolina Small Businesses and Private Nonprofits Affected by Severe Storms and Flooding

The deadline to apply for economic injury loans is fast approaching.

WASHINGTON – 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.

EIDLs are available for working capital needs caused by the disaster and are available even if

the Small Business or PNP did not 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. “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.”

The loan amount can be up to $2 million with interest rates of 4% for small businesses and

3.625% for private nonprofit organizations, and terms up to 30 years. The SBA determines

eligibility based on the size of the applicant, type of activity and its financial resources. Loan

amounts and terms are set by the SBA and are based on each applicant’s financial condition.

These working capital loans may be used to pay fixed debts, payroll, accounts payable, and

other bills not paid due to a disaster.

To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center

at (800) 659-2955 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.

The deadline to return economic injury applications is Oct. 22, 2025. However, after the deadline has passed, there is a 60-day grace period in which SBA will accept applications.

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 federa 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.

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