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Deadline approaching in S.C. for SBA disaster loans

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Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations in Abbeville, Anderson, McCormick and Oconee counties have until March 6 to file for federal economic injury disaster loans as a result of the drought that began on June 28, 2016.

Operations in Abbeville, Anderson, Edgefield, Greenville, Greenwood, Laurens, McCormick, Oconee and Pickens counties affected by the drought declaration on July 5, 2016 have until March 13 to file for federal economic injury disaster loans.

“These counties are eligible because they are contiguous to one or more primary counties in Georgia.  The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta, in a news release.

Under the declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of the drought. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers or ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions, according to the release.   

The loans are for working capital and can be up to $2 million with interest rates of 4% for eligible small businesses and 2.625% for nonprofit organizations, and terms up to 30 years.  

Applicants can apply online using the Electronic Loan Application.

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