Disaster loans remain available for small business owners

Small business owners can borrow up to $2 million.   File image

The U.S. Small Business Administration, a go-to resource and government-supported voice for small businesses, reminds small business owners in South Carolina of the availability of low-interest disaster loans. 

The working capital loans offered cater to small businesses, agricultural cooperatives, aquaculture, and private nonprofit organizations affected by tornadoes in October 2017. The loans will help pay debts that would have been paid if the disaster did not happen. 

Small business owners can borrow up to $2 million, with a 3.385 percent interest for small business and 2.5 percent interest for private nonprofit organizations. Terms of up to 30 years are available. 

According to Ken Fleming, SBA Field Operations Center East director, small business owners who want to avail the loan “are urged to do so before the Aug. 14 deadline.”

Applicants may call the SBA’s Customer Service Center or visit the official website for more details and loan application. 

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