South Carolina Storms Unlock Federal Loan Lifeline
Published Date: 1/29/2025
Notice
Summary
South Carolina got hit by big storms and flooding from November 6-14, 2024, and now the government is stepping in to help. People and businesses in Orangeburg and nearby counties can apply for low-interest disaster loans to fix damage or cover lost income. You’ve got until March 24, 2025, for physical damage loans and October 22, 2025, for economic injury loans—so don’t wait!
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Low‑interest disaster loans for homeowners
If you own a home in Orangeburg or the listed contiguous counties, you can apply for SBA physical disaster loans to repair damage from the November 6–14, 2024 storms. The physical loan application deadline is March 24, 2025. Interest rates are 5.125% if you have credit available elsewhere and 2.563% if you do not.
Physical damage loans for small businesses
If your business in Orangeburg or the listed contiguous counties suffered physical damage from November 6–14, 2024, you may apply for SBA physical disaster loans by March 24, 2025. Interest rates are 8.000% for businesses with credit available elsewhere and 4.000% for businesses without credit available elsewhere.
Economic Injury (EIDL) loans for lost business income
If your business, small agricultural cooperative, or nonprofit in the affected counties lost income because of the November 6–14, 2024 storms, you can apply for Economic Injury Disaster Loans through October 22, 2025 via the MySBA portal. Interest rates listed include 4.000% for businesses and small agricultural cooperatives without credit available elsewhere and 3.625% for non‑profit organizations without credit available elsewhere.
How to apply and contact SBA
You can apply online for disaster assistance at https://lending.sba.gov or contact the SBA disaster assistance center at 1-800-659-2955 or the provided email for help. Remember the physical damage loan deadline is March 24, 2025 and the EIDL deadline is October 22, 2025.
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