News Summary
Good news for South Carolina residents affected by disasters in 2024! The U.S. Small Business Administration is extending the deadline to apply for disaster loans to April 27, 2025. Eligible applicants, including businesses, nonprofits, homeowners, and renters, can access loans to cover damages and repairs. With interest rates as low as 2.813% and terms of up to 30 years, the SBA is making it easier for individuals to recover and improve their properties. Donโt miss this opportunity to secure financial assistance and get back on track.
South Carolina Residents Get More Time to Apply for Disaster Loans!
Hey there, friends in South Carolina! If youโre one of the many folks who have faced challenges from those unexpected disasters in 2024, we have some bright news for you! The U.S. Small Business Administration (SBA) is giving you a little extra time to apply for those critical disaster loans. Yep, you heard that right! The new deadline is now April 27, 2025. So breathe a sigh of relief and letโs dive into what this means for you.
Whoโs Eligible?
This extension is particularly for those who have been affected by the federal funding lapse that caused a few hiccups last year. If you reside in counties like Abbeville, Aiken, Allendale, Anderson, and many more, including the Catawba Indian Nation, you may qualify for assistance.
What Types of Loans Are Available?
Hereโs the scoop: businesses and nonprofits can apply for business physical disaster loans, which allows them to borrow up to a whopping $2 million. This is an excellent opportunity to help cover costs to repair or replace any disaster-damaged or even destroyed assets, such as your real estate, machinery, equipment, inventory, and more!
If youโre a homeowner or renter, donโt worry! You can apply for loans of up to $100,000 to cover personal property like your clothing, furniture, cars, and appliances. And for those whose homes were affectedโthe SBA is offering up to $500,000 for repairing or replacing your primary residence.
Additional Benefits for Applicants
Thinking about making some improvements while youโre at it? You can apply for a loan increase of up to 20% of your verified physical damages specifically for mitigation purposes. This means you can invest in strengthening your property against future disasters, like enhancing your structure to better withstand high winds or even installing storm shelters.
Interest Rates That Wonโt Break the Bank!
Now, if youโre worried about the financial side of things, letโs clear that up. SBA offers interest rates that can be as low as 4% for small businesses, 3.25% for nonprofit organizations, and 2.813% for homeowners and renters. Plus, you get to enjoy repayment terms of up to 30 years, making it manageable for you!
Also, hereโs a real perkโinterest on the loans doesnโt even accrue for the first 12 months after the loan disbursement date. Thatโs right, a whole year of no payments, so you can focus on getting back on your feet!
Maximizing Your Recovery!
Itโs essential for survivors to know that applying for both FEMA grants and SBA low-interest disaster loans simultaneously will help you achieve a complete recovery from any mishaps encountered. Itโs about getting the most help out there!
How to Apply?
Ready to take the plunge? Applications can be submitted online at SBA.gov/disaster. If you have questions or need assistance, donโt hesitate to reach out to the SBA Customer Service Center at (800) 659-2955. And for our friends who are deaf or hard of hearing, just dial 7-1-1 to access telecommunications relay services.
Donโt Wait!
This is a golden chance for South Carolinians who have faced losses from disasters to get back on track. The deadline is extended, but donโt wait until the last minute! Youโve got this!
Deeper Dive: News & Info About This Topic
- GoLaurens: Helene Relief Still Available
- ABC News 4: Deadline Approaches for Disaster Loans
- Grice Connect: SBA Extends Disaster Loan Application Deadline
- Wikipedia: South Carolina
- Google Search: SBA disaster loans South Carolina
