Columbia OBO offering loans for businesses effected by October floods
Effects from last October's heavy rains and subsequent flooding in South Carolina continue to be felt by the state's families, farms and businesses.
In an effort to assist small businesses that sustained physical damage or lost revenue as a result of the disaster, Columbia's Office of Business Opportunities (OBO) is offering the new Small Business Disaster Recovery Loan Program.
The loans can be for as much as $10,000. Funds can be used to build inventory, replace or repair equipment, clean and repair existing facilities, cover payroll or provide capital to keep businesses operating.
The loans will carry zero percent interest and must be paid back within 24 months. A three-month deferment will also be offered.
There are several criteria for the loans. Businesses must operate in the City of Columbia; have applied for Federal Emergency Management Agency (FEMA) assistance; been in business for at least two years; and have experienced losses that were not covered by any other insurance provider.
Deadline to apply for the OBO loans is Feb. 17. Decisions will be made in February and funds will be received by approved applicants in March.
To learn more about the loans or for information about how to apply, call Paul Featheringill at 803-545-3259 or email firstname.lastname@example.org.
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