Hurricane Loans

For small businesses affected by Florence

Evan Smith
December 07, 2018 - 3:46 pm

Small businesses, farmers’ co-ops and some nonprofits affected by Hurricane Michael in October may be eligible for low-interest loans from the federal government.

The U.S. Small Business Administration says that Economic Injury Disaster Loans are available in 25 eligible counties in South Carolina to qualifying business and non-profit organizations. 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 exact amount is determined by the size of the applicant and its financial resources. 

Go to Disasterloan.sba.gov to find out what your small business could get.

The loans are not intended to replace lost sales or profits.

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