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. Don’t 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 you’re 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 let’s dive into what this means for you.
Who’s 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?
Here’s 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 you’re a homeowner or renter, don’t 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 affected—the SBA is offering up to $500,000 for repairing or replacing your primary residence.
Additional Benefits for Applicants
Thinking about making some improvements while you’re 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 Won’t Break the Bank!
Now, if you’re worried about the financial side of things, let’s 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, here’s a real perk—interest on the loans doesn’t even accrue for the first 12 months after the loan disbursement date. That’s right, a whole year of no payments, so you can focus on getting back on your feet!
Maximizing Your Recovery!
It’s 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. It’s 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, don’t 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.
Don’t 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 don’t wait until the last minute! You’ve 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
