In an effort to assist small businesses negatively impacted by the heavy rains and flooding that pummeled the state, the Office of Business Opportunities (OBO) in Columbia, South Carolina is making loans available through its Small Business Disaster Recovery Loan Program.
Loans of up to $10,000 will be offered for those whose businesses sustained physical damage and whose owners lost significant revenue or numbers of customers due to the flooding. Funding can be used to restock inventory, repair or replace equipment, cleanup or repair of facilities, payroll or working capital.
The loans will carry three-month deferments and a 0 percent interest rate; they must be paid back within 24 months.
To be eligible for loans, the owners' businesses must be located in the city of Columbia, have been in operation for at least two years and have losses as a result of the flooding that have not been covered by any other insurance. Additionally, eligible borrowers must have applied for assistance from the Federal Emergency Management Agency (FEMA).
Application deadline for these loans is March 18; funds will be dispursed the following month.
To learn more, call Paul Featheringill at 803-545-3259 or email email@example.com.