Small businesses affected by Hurricane Florence may be eligible for disaster loans
The U.S. Small Business Administration announced Economic Injury Disaster Loans are available to small businesses, agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in South Carolina.
This comes as a result of September's natural disaster, Hurricane Florence.
The Administration made loans available for the Berkeley, Calhoun, Clarendon, Florence, Orangeburg, Sumter and Williamsburg counties in South Carolina.
The loan amount can be up to $2 million with interest rates of 2.5 percent for private nonprofit organizations of all sizes and 3.675 percent for small businesses, with terms up to 30 years.
The administration 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.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at Disasterloan.sba.gov.
Submit completed loan applications to SBA no later than July 23, 2019.