SBA Disaster Recovery Webinar 1/14/25 1:30PM and Disaster Loan Update

The U.S. Small Business Administration Office of Disaster Recovery and Resilience and the South Carolina District Office are hosting an informational webinar for small businesses and nonprofit organizations impacted by Hurricane Helene. Learn about SBA disaster recovery loan programs, loan types, how to apply and the resources available to assist.
The webinar takes place today, Tuesday January 14, 2025, from 1:30PM to 2:30PM. Registration is free and is available at https://bit.ly/sbasc2025. Please share the attached flyer with the registration link with anybody you know. Please encourage anyone to sign up for the webinar even if they are not 100% certain of their attendance. It’s important for the South Carolina community to be aware of the critical information and resources that will be shared. As soon as it is available, the USSBA will send information about where to view the recording if you were unable to view the webinar live.
The SBA has low-interest disaster loans for homeowners, renters, private nonprofits, and businesses. The physical damage loan application deadline is extended to January 28, 2025. Please see attached updated fact sheet.
Disaster survivors should not wait to settle with their insurance company before applying for a disaster loan. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.
In addition, SBA has an additional resource for all the counties included in the disaster declaration with our Economic Injury Disaster Loan program. SBA has low-interest Economic Injury Disaster Loans (EIDL) that do not require any physical damage by the borrower for private nonprofits and small businesses. The EIDL is a working capital loan to help pay for ordinary and necessary operating expenses to recover from revenue loss.
Important points about SBA low-interest Disaster Loans:
- No application fee.
- No obligation to accept the loan after it is approved. Applicants/Survivors have 60-days to decide to accept and can ask for more time if they need to reevaluate their recovery situation.
- No prepayment penalty.
- No accrued interest for first 12 months of the loan.
- No required payments for first 12 months of the loan.
Apply in person at a Recovery Center or apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at https://lending.sba.gov. The South Carolina specific link: https://lending.sba.gov/search-disaster/?disaster=SC-20012.
Applicants are encouraged to submit their loan applications promptly for review. With the changes to FEMA’s Sequence of Delivery, survivors are now encouraged to simultaneously apply for FEMA grants and the SBA low-interest disaster loan assistance to fully recover. FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources. The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition. Do not wait on the decision for a FEMA grant.