WASHINGTON – The U.S. Small Business Administration (SBA) announced that low interest federal disaster loans are now available to South Carolina small businesses, nonprofit organizations, and residents who sustained physical damages and economic losses from the severe storms and flooding that occurred on Nov. 6-14, 2024. The SBA issued a disaster declaration in response to a request received from Gov. Henry McMaster on Jan. 17.
This declaration covers the primary county of Orangeburg and the adjacent counties of Aiken, Bamberg, Barnwell, Berkeley, Calhoun, Clarendon, Colleton, Dorchester and Lexington in South Carolina.
Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Applicants may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.
“SBA disaster loans do more than repair damage, -- they may also mitigate against future disasters,” said Randle Logan, acting associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “Expanded funding is available to make pro-active property and building upgrades that protect homes and businesses from future storms.”
The SBA also offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs, such as ongoing operating expenses for small businesses and private nonprofit (PNP) organizations. EIDL assistance is available regardless of whether the organization suffered any physical property damage.
Interest rates are as low as 4% for businesses, 3.625% for nonprofits, and 2.563% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.
Beginning Monday, Feb. 3, SBA customer service representatives will be on hand at a Disaster Loan Outreach Center (DLOC) to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application.
At the DLOC, individuals can connect directly with SBA specialists to apply for disaster loans and learn about the full range of programs available to rebuild and move forward in their recovery journey. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov. The DLOC hour of operation is listed below.
Disaster Loan Outreach Center (DLOC)
Orangeburg County
Cordova Senior Citizens Center
160 Mixon Mill Rd
Cordova, SC 29039
Opening: Monday, Feb. 3, 11 a.m. to 6 p.m.
Hours: Monday – Friday, 9 a.m. to 6 p.m.
Saturdays, 10 a.m. to 2 p.m.
Closed: Sundays
Permanently Closes: Saturday, Feb. 15 at 2 p.m.
The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.
For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for 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 March 24, 2025. The deadline to return economic injury applications is Oct. 22, 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.