SC Counties Get Disaster Loans After Storms
Published Date: 1/21/2025
Notice
Summary
South Carolina’s Bamberg, Calhoun, and Orangeburg counties got hit hard by storms and flooding in November 2024. The President declared a major disaster on January 10, 2025, unlocking special low-interest loans to help local non-profits recover. If you’re affected, you can apply for physical damage loans by March 11 and economic injury loans by October 10, 2025—time to bounce back strong!
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Nonprofits in 3 SC Counties Eligible
If you are a Private Non-Profit organization that provides essential government-like services in Bamberg, Calhoun, or Orangeburg counties, you may apply for SBA disaster loans after the Presidential major disaster declaration on January 10, 2025 for storms and flooding that occurred November 6–14, 2024.
SBA Loan Interest Rate Set at 3.625%
The SBA set the interest rate for disaster loans at 3.625% for physical damage loans (non-profit organizations with and without credit available elsewhere) and 3.625% for economic injury loans for non-profits without credit available elsewhere.
Physical Damage Loan Deadline
You must apply for SBA physical damage disaster loans by March 11, 2025 through the MySBA Loan Portal if your nonprofit was affected by the November 6–14, 2024 storms and flooding.
Economic Injury Loan Deadline Oct 10, 2025
If your nonprofit suffered economic injury from the November 6–14, 2024 event, you can apply for Economic Injury Disaster Loans (EIDL) through the MySBA Loan Portal by October 10, 2025.
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