Completing SBA Loan Application May Mean More Assistance for Some

COLUMBIA, S.C. – South Carolina storm and flood survivors are reminded to complete loan applications from the U.S. Small Business Administration even if they do not plan to accept a loan.

Survivors who receive notice to apply to the SBA are encouraged to complete the application as it may make them eligible for other assistance. Survivors should apply to SBA before insurance is settled.

Completing an SBA application can help homeowners, renters and businesses of all sizes with repair or rebuilding costs or disaster-related damage costs that exceed initial estimates. SBA disaster loans are also available to help private nonprofit organizations with their recovery. The application is not required for survivors seeking temporary rental assistance.

Homeowners may be eligible to receive loans of up to $200,000 for their primary residences. Homeowners and renters may also borrow up to $40,000 to repair or replace damaged or destroyed personal items such as clothing and vehicles. Businesses may borrow up to $2 million for property damage. Small businesses may borrow up to $2 million for economic injury.

Survivors may obtain more information by visiting the SBA website, www.sba.gov/disaster, applying online via SBA’s secure website: https://disasterloan.sba.gov/ela, or calling SBA’s Disaster Assistance Customer Service Center at 800-659-2955. Individuals who are deaf, hard of hearing or have speech disabilities and use a TTY may call 800-877-8339. If you use 711 or Video Relay Service, call 800-659-2955.

Survivors may also visit any disaster recovery center where SBA customer service representatives can answers questions, help complete loan applications and close loans. For the nearest location go to http://www.fema.gov/disaster/4241. The SBA is also operating business recovery centers in Charleston, Horry, Richland and Sumter counties.