NEWS RELEASE
01/15/2025
ATLANTA – The U.S. Small Business Administration (SBA) announced that certain private
nonprofit (PNP) organizations in South Carolina are eligible to apply for federal disaster loans
to offset physical damages and economic losses resulting from the severe storms and
flooding that occurred Nov. 6-14.
The disaster declaration covers Bamberg, Calhoun, and Orangeburg counties.
PNPs may borrow up to $2 million to repair or replace damaged or destroyed real estate,
machinery and equipment, inventory, and other business assets. The interest rate is 3.625%,
with terms up to 30 years. Interest does not accrue, and payments are not due, until 12
months from the date of the first loan disbursement. The SBA sets loan amounts and terms,
based on each applicant’s financial condition.
Applicants may be eligible for a loan amount increase of up to 20% of their physical damages,
as verified by the SBA, for mitigation purposes. Eligible mitigation improvements might
include insulating pipes, walls and attics, weather stripping doors and windows, and
installing storm windows to help protect property and occupants from future damage caused
by any disaster.
“SBA’s disaster loan program offers an important advantage–the chance to incorporate
measures that can reduce the risk of future damage,” said Francisco Sánchez, Jr., associate
administrator for the Office of Disaster Recovery and Resilience at the SBA. “Work with
contractors and mitigation professionals to strengthen your property and take advantage of
the opportunity to request additional SBA disaster loan funds for these proactive
improvements.”
The SBA also offers Economic Injury Disaster Loans (EIDLs) to help meet working capital
needs, such as ongoing operating expenses for PNP organizations. EIDL assistance is
available regardless of whether the organization suffered any physical property damage.
SBA’s Disaster Loan Program funding was replenished via the American Relief Act, 2025,
which was signed into law on Dec. 21, 2024. The SBA acted immediately and, within six hours
of the Act being signed into law, issued more than 21,000 outstanding commitment letters
(loan offers). The SBA will continue to issue new loan offers and ensure survivors quickly
understand their loan options.
PNP organizations are urged to contact their county’s emergency manager to provide
information about their organization. The information will be submitted to FEMA to
determine eligibility for a Public Assistance grant or whether the PNP should be referred to
SBA for disaster loan assistance.
For more information and to apply online visit sba.gov/disaster. Applicants may also call
SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov
for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or
have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return applications for physical property damage is March 11, 2025. The
deadline to return economic injury applications is Oct. 10, 2025.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the
only go-to resource and voice for small businesses backed by the strength of the federal
government, the SBA empowers entrepreneurs and small business owners with the resources and
support they need to start, grow or expand their businesses, or recover from a declared disaster. It
delivers services through an extensive network of SBA field offices and partnerships with public
and private organizations. To learn more, visit www.sba.gov.
Author: Tracy Sanders
