SBA offers federal disaster loans for those affected by Feb. severe storms

Local News

SPARTANBURG, SC (WSPA) – The Small Business Administration is offering federal disaster loans to homeowners, renters, businesses and other organizations affected by the severe storms and tornadoes that hit South Carolina and North Carolina in February.

The low-interest disaster loans are available in response to a letter from South Carolina Governor Henry McMaster requesting a disaster declaration by the SBA.

The declaration covers Spartanburg County and the adjacent counties of Cherokee, Greenville, Laurens, Union, Polk and Rutherford.

“The SBA is strongly committed to providing the people of South Carolina with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said SBA Administrator Jovita Carranza. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”

The loans are only available for the disaster declaration as a result of severe storms and tornadoes on February 6 and 7, not for coronavirus-related assistance.

An EF-1 tornado struck Spartanburg on February 6, leaving a 10-mile path of damage across the city.

The SBA said business and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans of up to $40,000 to repair or replace damaged or destroyed personal property.

To apply for the federal disaster loan, click here.

For assistance with the loan application process, call 404-909-1535 or 571-422-1925 or email FOCE-Help@sba.gov.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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