FOR IMMEDIATE RELEASE

To:      News Media 

From: Bamberg County Administration

Date:  January 17, 2025

Re:     SBA Declares Certain Local, Private Nonprofit Organizations Eligible for Federal Disaster Loans 

Bamberg, South Carolina (January 2025) – On Wednesday, January 15, the U.S. Small Business Administration (SBA) announced that certain South Carolina private nonprofit (PNP) organizations are eligible to apply for federal disaster loans to offset physical damages and economic losses resulting from the severe storms and flooding that occurred Nov. 6-14. The disaster declaration covers Bamberg, Calhoun, and Orangeburg counties.

According to the SBA news release:

PNPs may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The interest rate is 3.625%, with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition. 

Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements might include insulating pipes, walls, and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future damage caused by any disaster.  

Bamberg County Emergency Services Director Tiffany Kemmerlin expressed her appreciation for the SBA assistance. “Our local nonprofit organizations provide essential services for our citizens and are often underfunded. When natural disasters occur, these agencies have little, if any, resources to allocate toward resulting property damage. These low-interest loans will provide our non-profits with a lifeline that will benefit our entire community.”

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For more information on this press release, email info@bambergcounty.sc.gov.