Deadline approaches for small businesses to apply for disaster loans in South Carolina

File Photo

(WCIV) — The U.S. Small Business Administration is reminding small businesses in Berkeley, Georgetown, Horry and Orangeburg counties that the deadline to apply for low interest federal disaster loans is approaching.

Under this declaration, the administration’s Economic Injury Disaster Loan program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the drought that began July 9, 2024.

They state that the loans are available for businesses capital needs and are available even if the business did not suffer any physical damage.

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. According to the administration interest on these loans will not accrue, and payments are not due until 12 months from the date of the first loan disbursement.

The deadline to apply for loans to offset economic losses is March 17.

The Small Business Administration is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises at this time.

To apply online, applicants can visit the Small Business Administration website.