OBO reopens Small Business Disaster Recovery Loan Program
March 3, 2016
The City’s Office of Business Opportunities (OBO) has reopened 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 been in business for a minimum of two years
Have suffered losses from the flooding not covered by any other insurance
Have applied to FEMA for assistance
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 March 18, 2016. Funding decisions will be made in March and funds will be disbursed in April, 2016.
For more information, please contact Paul Featheringill at (803) 545-3259 or [email protected]. The application can be found here
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