News Summary
In response to severe storms in November 2024, South Carolina’s Governor Henry McMaster announced the opening of a Disaster Loan Outreach Center in Cordova. The U.S. Small Business Administration is offering low-interest disaster loans to residents and businesses affected by the flooding, providing crucial support on the road to recovery. With application deadlines approaching, local communities are encouraged to participate and utilize available resources.
South Carolina Residents Hit by November Storms Get a Helping Hand
Orangeburg is buzzing with news that could bring some relief to locals affected by the storms and flooding that wreaked havoc in November 2024. Following a heartfelt plea from Governor Henry McMaster on January 17, 2025, the U.S. Small Business Administration (SBA) has stepped in, granting disaster assistance. The announcement came on January 24, and it’s already creating a buzz in the community.
Who Benefits?
Residents and businesses across Orangeburg County and surrounding areas including Aiken, Bamberg, Barnwell, Berkeley, Calhoun, Clarendon, Colleton, Dorchester, and Lexington are now eligible for low-interest disaster loans. These loans are tailored for individuals who suffered from the storms that occurred from November 6 to November 14, 2024. It’s a great way for local families and small business owners to begin the long road to recovery.
Where to Get Help
For those wanting to take advantage of this opportunity, a Disaster Loan Outreach Center (DLOC) is set to open its doors on February 3, 2025, at the Cordova Senior Citizens Center, located at 160 Mixon Mill Road in Cordova, SC. This center will be the go-to spot for anyone looking to fill out disaster loan applications or asking how to get started.
The DLOC will be open from 11 a.m. to 6 p.m. on its opening day and will operate Monday to Friday from 9 a.m. to 6 p.m. and Saturdays from 10 a.m. to 2 p.m. But keep in mind, they’ll be closed on Sundays! The center will close on February 15, 2025, at 2 p.m., so don’t miss out on this valuable resource.
Guidance on Application Process
Customer service representatives will be on hand at the center ready to assist individuals in navigating the application process. Don’t hesitate to reach out with any questions – they’re there to lend a helping hand!
Deadlines to Remember
Time is of the essence, so jot down these important dates! The deadline for submitting applications related to physical property damage is March 24, 2025. If you’re concerned about economic injury to your business, you have until October 22, 2025, to submit your application. Applications can be completed online at sba.gov/disaster or by calling the SBA’s Customer Service Center at (800) 659-2955. People with hearing impairments can contact 7-1-1 for telecommunications relay services.
What’s Available?
Here’s the scoop on the loans you might qualify for: homeowners can secure up to $500,000 to repair or replace damaged property. Renters and homeowners can also apply for up to $100,000 for personal property repairs or replacements. Plus, there’s an added bonus – approved applicants might even increase their loan amount by 20% to implement mitigation improvements like storm shelters or sump pumps!
Small businesses, agricultural cooperatives, and most nonprofit organizations can also benefit from the available Economic Injury Disaster Loans (EIDLs), irrespective of whether they experienced physical property damage or not.
Loan Terms and Interest Rates
Now let’s talk numbers. Interest rates are set at 4% for businesses and 3.625% for nonprofits. Homeowners and renters can snag a rate of 2.563%. Repayment terms can stretch up to 30 years, giving borrowers ample time to get back on their feet. Just a heads up: interest will start accruing, and monthly payments will kick off 12 months from the date you first receive your loan.
Each loan amount and terms will be determined based on your unique financial situation, ensuring a tailored approach to recovery.
Final Thoughts
For everyone affected, there’s hope on the horizon! Make sure to take advantage of the resources being offered, and let’s help each other rebuild our community stronger than ever!
Deeper Dive: News & Info About This Topic
- Live 5 News
- ABC News 4
- WRDW News
- ABC Columbia
- WPDE News
- Wikipedia: Federal Emergency Management Agency
- Google Search: FEMA assistance South Carolina 2025
- Google Scholar: disaster assistance South Carolina
- Encyclopedia Britannica: disaster relief
- Google News: Northern Storms South Carolina January 2025
