OBO launches Small Business Disaster Recovery Loan Program
February 4, 2016
The City’s Office of Business Opportunities (OBO) is launching the Small Business Disaster Recovery Loan Program. The Small Business Disaster Recovery Loan Program is designed to assist small businesses in the City of Columbia that have been impacted by the historic flood due to physical damage, lost revenue/ significantly reduced revenue or customers being unable to reach the business location.
Eligible applicants must:
- Be located in the City of Columbia
- Have applied to FEMA for assistance
- Have been in business for a minimum of two years
- Have suffered losses from the flooding not covered by any other insurance
Borrowers are eligible for loans of up to $10,000 which can be used for inventory, equipment, clean-up and repair, payroll, and working capital. The loans will have a 3-month deferment followed by a 24-month repayment at 0% interest.
The deadline to apply for funding is February 17, 2016. Funding decisions will be made in February and funds will be disbursed in March, 2016.
For more information, please contact Paul Featheringill at (803) 545-3259 or [email protected]. The application can be found here.
