Small businesses, farmers’ cooperatives and some nonprofits affected by Hurricane Michael in October may be eligible for low-interest loans from the federal government.
In a release last week, the U.S. Small Business Administration said Economic Injury Disaster Loans are available in 25 eligible counties in South Carolina to qualifying business and non-profit organizations.
The eligible counties are Aiken, Allendale, Bamberg, Barnwell, Beaufort, Berkeley, Calhoun, Charleston, Clarendon, Colleton, Darlington, Dorchester, Edgefield, Fairfield, Florence, Georgetown, Hampton, Kershaw, Lee, Lexington, Newberry, Orangeburg, Richland, Saluda, and Sumter.
The loans may be used to pay fixed debts, payroll, accounts payable and other bills which could have been paid had the hurricane not occurred. The loans are not intended to replace lost sales or profits.
The loans are available for eligible individuals who suffered financial losses as a direct result of the hurricane. With the exception of aquaculture enterprises, the Small Business Association cannot provide disaster loans to agricultural producers, farmers, and ranchers since their losses are covered by a separate program.