The U.S. Small Business Administration will offer expedited Express Bridge loans to small businesses awaiting long-term financing options.
Loans up to $25,000 with a seven-year limit will be issued by existing SBA Express lenders to small businesses in a declared disaster area. Borrowers must have an established banking relationship with the lender, according to a news release.
Lenders may require borrowers to pay down or pay off the loan on a case-by-case basis once approved for long-term financing options, according to the release.
Express Bridge loans can be issued up to six months after the SBA approved South Carolina’s disaster declaration due to the state’s spike in COVID-19 cases. Gov. Henry McMaster’s statewide application was approved last week, while certain counties had already qualified.
South Carolina’s Small Business Development Centers and Service Corp of Retired Executives will offer free assistance with the SBA disaster loan application process and financial statement preparation statewide, according to the release.