MYRTLE BEACH, SC (WMBF) – As the deadline to apply for a low-interest disaster loan approaches, the U.S. Small Business Administration reports that so far, it has approved over $14 million in loans for businesses and residents in South Carolina affected by Hurricane Matthew.
The deadline to file an SBA disaster loan application for physical damage is December 13, 2016, according to a news release from the SBA.
“Currently, 430 disaster loans have been approved in the amount of $14,680,800 for affected survivors,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta. “We are pleased to get these loans approved so residents in the disaster area can start to rebuild and resume their normal lives. I encourage anyone who has not submitted an SBA disaster loan application to do so before the deadline.”
SBA disaster loans are available to businesses of all sizes, many private non-project organizations, homeowners, and renters to cover uninsured losses from Hurricane Matthew, the release states. Interest rates are as low as 4 percent for businesses, 2.625 percent for non-profits, and 1.563 percent for homeowners and renters. Loan terms can be for up to 30 years.
To be considered for any form of disaster assistance, applicants should first register online at www.DisasterAssistance.gov, or call FEMA toll-free at 800-621-3362.