SBA Offers Assistance to S.C. Businesses and Residents Affected by Hurricane Helene

Following Governor Henry McMaster’s September 28 request for an expedited major disaster declaration, the U.S. Small Business Administration (SBA) announced that South Carolina’s businesses and residents affected by Hurricane Helene from the incident period beginning September 25 are eligible to apply for low-interest disaster loans. The declaration covers Abbeville, Aiken, Allendale, Anderson, Bamberg, Barnwell, Beaufort, Cherokee, Chester, Edgefield, Fairfield, Greenville, Greenwood, Hampton, Jasper, Kershaw, Laurens, Lexington, McCormick, Newberry, Oconee, Orangeburg, Pickens, Richland, Saluda, Spartanburg, Union, York counties and the Catawba Indian Nation in South Carolina, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.

Counties contiguous to declared counties are eligible for Economic Injury Disaster loans from the SBA. The contiguous counties include Berkeley, Calhoun, Chesterfield, Clarendon, Colleton, Darlington, Dorchester, Lancaster, Lee, and Sumter.

Loans up to $500,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property.

Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.813% for homeowners and renters, with terms of up to 30 years. Interest does not begin to accrue, and monthly payments are not due until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online and receive additional disaster assistance information at sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The filing deadline to return applications for physical property damage is November 29, 2024. The deadline to return economic injury applications is June 30, 2025.