12/18/2015
U.S. Small Business Administration DISASTER LOAN DEADLINE EXTENDED UNTIL JANUARY 4
Below please find a note from the South Carolina Department of Commerce with more details.
Dear South Carolina Businesses,
If you were at all affected by the flood, an important reminder. If you had no insurance coverage, or that insurance coverage did not fully cover equipment or business interruption costs, the SBA Disaster Loan program may be able to assist you. SBA Disaster Loans come into play when the business financing needs are outside of the normal commercial banking parameters; though they do have credit underwriting guidelines. However, if in doubt, apply!
There are two business situations where SBA Disaster Loans are applicable:
Company has sustained physical damage to the operation, property/site, caused by the disaster
Company has sustained economic injury, i.e. the disaster has caused business interruption that affected cashflow, and thus operations
The deadline for seeking loans for physical damage support is January 4, 2016 – NEW DEADLINE. The opportunity for applying for an SBA Disaster Loan, relative to physical damage, will go away after January 4, 2016. (For SBA Disaster Loans related to economic injury, the application deadline is July 5, 2015.)
The business can apply on-line, or in-person at a Disaster Recovery Center (DRC). For the application and questions on the SBA side, view the link below, or call SBA Customer Service at 1-800-659-2955.
https://www.sba.gov/content/business-physical-disaster-loans
If you are in a declared disaster area and have experienced damage to your business, you may be eligible for financial assistance from the SBA. Businesses of any size and most private nonprofit organizations may apply to the SBA for a loan to recover after a disaster.