WASHINGTON – South Carolina businesses and residents affected by the severe storms, high winds, and hail on April 20, are eligible to apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Isabel Casillas Guzman announced today.
Administrator Guzman made the loans available in response to a letter from South Carolina Governor Henry McMaster on May 24 requesting a disaster declaration by the SBA. Businesses and residents in the declared area can now apply for low-interest disaster loans from the SBA. The declaration covers York County and the adjacent counties of Cherokee, Chester, Lancaster and Union in South Carolina and Cleveland, Gaston and Mecklenburg in North Carolina.
“The SBA is strongly committed to providing the people of South Carolina with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said Guzman. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
To assist businesses and residents affected by the disaster, the SBA will open a Disaster Loan Outreach Center (DLOC), in York County, at 11 a.m. on Wednesday, June 5. Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Disaster Recovery Center in advance. The Center will operate as indicated below.
SBA Disaster Loan Outreach Center (DLOC)
York County
Pathways Community Center
546 S Cherry Rd Suite G
Rock Hill, SC 29732
Opening: Wednesday, June 5, at 11 a.m. to 6 p.m.
Hours: Monday – Friday, 9 a.m. to 6 p.m.
Saturday, 12 noon to 4 p.m.
Closed: Sunday
Permanently Closes: Thursday, June 20 at 4 p.m.
“Our Disaster Loan Outreach Centers are one of the most powerful resources at SBA’s disposal to support business owners in the midst of a disaster,” said Francisco Sánchez, Jr., Associate Administrator for the SBA’s Office of Disaster Recovery and Resilience. “Business owners can meet in-person with our specialists to apply for SBA disaster loans and get information on the full breadth of our programs designed to help them navigate their recovery.”
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $100,000 to repair or replace damaged or destroyed personal property.
Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage.
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
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) 659-2955 or email disastercustomerservice@sba.gov 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 filing deadline to return applications for physical property damage is July 29, 2024. The deadline to return economic injury applications is Feb. 28, 2025.
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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.