Published July 19, 2012
The U.S. Small Business Administration announced today that federal economic injury disaster loans of up to $2 million are available to small businesses and other organizations in several South Carolina counties.
The loans are to assist businesses that lost money as a result of frosts and freezes that occurred April 12 and 13. Counties covered under the SBA program are Abbeville, Aiken, Allendale, Anderson, Barnwell, Edgefield, Hampton, Jasper, McCormick and Oconee.
Eligible borrowers include small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations. Nonfarm-related entities that suffered financial losses as a direct result of the freeze are also eligible. With the exception of aquacultural enterprises, farmers, ranchers and agricultural producers are not eligible.
The loan amount can be up to $2 million with interest rates of 3% for nonprofit organizations of all sizes and 4% for small businesses, with terms up to 30 years.
These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online at https://disasterloan.sba.gov/ela.