COLUMBIA, S.C. — The US Small Business Administration (SBA) wants to remind homeowners and renters, businesses, and private nonprofit organizations in certain counties of South Carolina that there is still time to apply for a physical disaster loan for damage caused by the June 10, 2024, storm, but time is running out.
Severe weather -- including straight-line winds, hail, and heavy rain -- moved across South Carolina on June 10, causing flooding and weather-related damage resulting in portions of the state being declared a disaster area. Residents, businesses and private nonprofits located in the following counties may apply to borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets:
- Berkeley
- Charleston
- Clarendon
- Dorchester
- Georgetown
- Orangeburg
- Williamsburg
Applications can be made online, SBA inspectors will review applications and estimate the cost of damage. Collateral will be required (real estate preferred) to the extent possible for physical damage loans over $25,000 in Presidential declarations, $14,000 in agency declarations.
The deadline to apply for a physical damage disaster loan is August 23, 2024.
