SBA approves $14M in disaster loans for South Carolina

Flooding along Waccamaw River in Conway
Flooding along Waccamaw River in Conway

ATLANTA – The U.S. Small Business Administration has approved more than $14 million in low-interest disaster loans for businesses and residents in South Carolina affected by Hurricane Matthew from Oct. 4 – 30, 2016.

The deadline to file an SBA disaster loan application for physical damage is
Dec. 13, 2016.

“Currently, 430 disaster loans have been approved in the amount of $14,680,800 for affected survivors,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta. “We are pleased to get these loans approved so residents in the disaster area can start to rebuild and resume their normal lives. I encourage anyone who has not submitted an SBA disaster loan application to do so before the deadline.”

SBA disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters to cover uninsured losses from the disaster. Interest rates are as low as 4 percent for businesses, 2.625 percent for private nonprofit organizations, and 1.563 percent for homeowners and renters. Loan terms can be up to 30 years.

To be considered for all forms of disaster assistance, applicants should register online at http://www.DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use
711-Relay or Video Relay Services should call 800-621-3362.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.

Loan applications can be downloaded from http://www.sba.gov/disaster. Completed applications can be returned to a recovery center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is Dec. 13, 2016.
The deadline to return economic injury applications is July 12, 2017.

Information above is from a submitted press release.