SBA announces residents affected by Debby able to apply for low-interest disaster loans

(WSAV) – The U.S. Small Business Administration (SBA) announced Thursday that Colleton County businesses and residents affected by Tropical Storm Debby are eligible to apply for low-interest disaster loans.

Any resident affected between the incident period of August 4 through 22 is eligible.

Loans of up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners can also receive loans up to $100,000 to repair or replace damaged or destroyed personal property.

Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage.

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The SBA offers Economic Injury Disaster Loans (EIDLs), to small businesses involved in agriculture and aquaculture, to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Based on each applicant's financial condition interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.813% for homeowners and renters, with terms of up to 30 years. Payments are not due, until 12 months from the initial disbursement date.

Applicants may apply online and receive additional disaster assistance information at sba.gov/disaster . Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The filing deadline to return applications for physical property damage is November 18, 2024. The deadline to return economic injury applications is June 18, 2025.

Other counties eligible to apply are Berkeley and Orangeburg counties and the adjacent counties of Aiken, Bamberg, Barnwell, Calhoun, Charleston, Clarendon, Dorchester, Georgetown, Lexington, and Williamsburg.