SBA Disaster Relief for Bamberg County Residents and Business Owners Is Here

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FOR IMMEDIATE RELEASE

To: News Media

From: Bamberg County Administration

Date: March 27, 2024

Re: SBA Disaster Relief for Bamberg County Residents and Business Owners Is Here

Bamberg, South Carolina (March 2024) – After nearly three months since an EF-2 tornado directly hit Bamberg, the U.S. Small Business Administration (SBA) has approved SC Governor Henry McMaster’s request for disaster relief for Bamberg County as well as adjacent Allendale, Barnwell, Colleton, Hampton, and Orangeburg Counties. Residents and business owners who incurred property damage from the tornado are now eligible to apply for low-interest disaster loans.

A Disaster Loan Outreach Center (DLOC) located at the Bamberg County Courthouse Annex (1234 North Street) will be open until April 10, with customer service representatives on-site to assist residents and business owners with the SBA application process. The DLOC hours of operation are as follows:

Opening: Wednesday, March 27, 11 a.m.-5 p.m.

Hours: (Beginning Thursday, March 28) Monday-Friday, 9 a.m.-5 p.m.

Saturday, April 6, 10 a.m.-2 p.m.

Permanent Closure: Wednesday, April 10 at 4 p.m.

According to SBA’s South Carolina District Director Richard White, “Businesses and private non-profit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.” Additionally, Economic Injury Disaster Loans (EIDL) are available for businesses regardless of whether they suffered any physical property damage.

Furthermore, loans up to $500,000 are available for homeowners to repair or replace damaged or destroyed real estate, and loans up to $100,000 are available for homeowners and renters to repair or replace damaged or destroyed personal property.

According to South Carolina Emergency Management Division (SCEMD) Individual Assistance Officer Jessica Haygood:

Applicants may be eligible for a loan increase of up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage.

Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online and receive additional disaster assistance information at sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The filing deadline to return applications for physical property damage is May 21, 2024. The deadline to return economic injury applications is Dec. 23, 2024.

Bamberg County Council Chairman Evert Comer, Jr. expressed his gratitude to SBA, stating: “Finally, some relief is available to Bamberg County citizens who have suffered from the January 9 tornado. Bamberg County Council strongly encourages anyone who has been adversely affected by the tornado to visit the DLOC for assistance. Even if citizens are not certain if they qualify for these low-interest loans, it will be worth the effort to ask the experts.”

“Bamberg County has experienced a rough couple of months, and the County Council and administration have worked and continue to work diligently to secure any and all possible public and individual assistance to mitigate the effects of the tornado,” stated Bamberg County Administrator Joey Preston.

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