Small Business Disaster Recovery Loan Program Deadline Approaches

COLUMBIA, S.C. (WOLO) — The deadline for small businesses applying for funding following October’s historic flooding is Friday.

Columbia City’s Office of Business Opportunities reopened the Small Business Disaster Recovery Loan Program.

It’s designed to assist small businesses still working to recover following October’s historic flooding due to physical damage, lost revenue or significantly reduced revenue, and customers being unable to reach the business location.

Eligible applicants must:

• Be located in the City of Columbia
• Have been in business for a minimum of two years
• Have suffered losses from the flooding not covered by any other insurance
• Have applied to FEMA for assistance

Borrowers are eligible for loans of up to $10,000 which can be used for inventory, equipment, clean-up and repair, payroll, and working capital. The loans will have a 3-month deferment followed by a 24-month repayment at 0% interest.

The deadline to apply for funding is March 18, 2016. Funding decisions will be made in March and funds will be disbursed in April, 2016.

The application can be found at http://www.columbiasc.net/depts/obo/small_business_disaster_recovery_loan_program__application.pdf