Colleton County, South Carolina businesses and residents were affected by severe storms and tornadoes on 4/5/2022 through 4/6/2022. The Small Business Administration (SBA) is offering financial disaster assistance for Colleton County, South Carolina businesses that suffered physical damage or economic injury and loss to their SC business operations located in Colleton County.
SBA Loan Deadlines for the Colleton County, South Carolina Declared Disaster Declaration #17402 and #17403
– Physical Damage Loan Application filing deadline is 06/20/2022.
– Economic Injury Disaster Loan (EIDL) Application filing deadline is 01/19/2023.
– Read the official SBA disaster declaration for Colleton County here.
Business Owners in Colleton County, for speed and personalized attention, Schedule Your Free Disaster Loan Consultation call. Depending on your situation, we may be able to assist you with the SBA process for your business in Colleton County South Carolina.
Severe Storms and Tornadoes Incident in Colleton County SC
On 4/5/2022 through 4/6/2022, a Severe Storms and Tornadoes bad weather incident caused damage in areas of South Carolina. Disaster Number SC-00078 was declared on 4/19/2022 as an official disaster area through Disaster Declaration #17402 and #17403 due to Severe Storms and Tornadoes.
Colleton County, South Carolina Cities and Towns Affected by Severe Storms and Tornadoes
Here is a list of all the Colleton County, South Carolina cities, towns, parishes, and municipalities affected by the Severe Storms and Tornadoes that occurred 4/5/2022 through 4/6/2022:
Canadys, Cottageville, Edisto Island, Green Pond, Islandton, Jacksonboro, Lodge, Round O, Ruffin, Smoaks, Walterboro, Williams.
In Colleton County, South Carolina, eligible businesses and residents are able to apply for a low-interest disaster loan from the U.S. Small Business Administration (SBA), commonly known as an SBA Economic Injury Disaster Loan (EIDL). The SBA offers disaster loan assistance to businesses, nonprofit organizations, homeowners, and renters located in Colleton County, South Carolina, that were affected by the declared disaster number SC-00078.
The SBA also provides eligible Colleton County, South Carolina small businesses and nonprofit organizations with working capital to help overcome the economic injury of the declared disaster in Colleton County, South Carolina.
To apply for financial assistance from the SBA for your business that was affected by Severe Storms and Tornadoes in Colleton County, visit the official SBA Disaster Loan Assistance website.
Physical Damage to Your Colleton County Business Property
Colleton County, South Carolina businesses and private nonprofit organizations of any size may borrow an SBA EIDL loan up to a $2 million (two million dollars) to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Applicants in Colleton County, South Carolina may be eligible for an EIDL loan increase up to 20% (twenty percent) of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a sump pump, elevation, French drain or retaining wall to help protect property and occupants from potential future damage that could be caused by a similar disaster in Colleton County, South Carolina.
Economic Injury to Your Colleton County Business Operations in South Carolina
For Colleton County small businesses, companies, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical damage to property.
Interest Rates for SBA EIDL Colleton County, South Carolina Disaster Loans
Interest rates for Colleton County, South Carolina are as low as 2.940% (two point nine four zero percent) for businesses, 1.875% (one point eight seven five percent) for nonprofit organizations, with loan amortization terms up to 30 years or 360 months. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition of their business located in South Carolina.
Colleton County SBA Loan Interest Rates for Physical Damage:
– South Carolina Businesses with Credit Available Elsewhere 5.880%
– Businesses in South Carolina without Credit Available Elsewhere 2.940%
– South Carolina Non-Profit Organizations with Credit Available Elsewhere 1.875%
– Non-Profit Organizations in South Carolina without Credit Available Elsewhere 1.875%
Colleton County SBA Loan Interest Rates for Economic Injury:
– Businesses and Companies in South Carolina 2.940%
– Small South Carolina Agricultural Cooperatives without Credit Available Elsewhere 2.940%
– South Carolina Non-Profit Organizations without Credit Available Elsewhere 1.875%
Colleton County Business Owners, Schedule Your Free Disaster Loan Consultation Call for One-on-One Assistance for Your Company that was Affected by Severe Storms and Tornadoes in Colleton County, SC.
Colleton County, South Carolina Disaster Assistance from FEMA
If your Colleton County, South Carolina business was impacted by Severe Storms and Tornadoes, and is located in one of the communities approved for assistance from the Federal Emergency Management Agency (FEMA), you can apply for disaster assistance.
Check to see if Colleton County, South Carolina is approved by FEMA by visiting DisasterAssistance.gov or by calling 1-800-621-3362 between the hours of 7am to 11pm Eastern Standard Time (EST) seven days a week.
For other possible Colleton County, South Carolina disaster assistance resources, or to apply for assistance from FEMA, visit the official FEMA website.
Colleton County SBA EIDL Loan Relief vs. FEMA Assistance Facts for South Carolina
For Colleton County businesses in South Carolina, an SBA EIDL loan holds many benefits for recovering from the Severe Storms and Tornadoes that caused damage to your physical property and economic injury to your business on 4/5/2022 through 4/6/2022.
Will I be referred to the SBA after I apply with FEMA?
Yes it is possible. After you apply for disaster assistance from FEMA, you may be contacted by the SBA. If you are asked to submit an application for a low-interest SBA loan, you are encouraged to do so. Applying with the SBA assures that all available disaster assistance options remain open to you.
Will the SBA application be the basis of referrals to other grant programs?
Yes. Submitting the application makes it possible for you to be considered for additional grants. If you apply for an SBA low-interest disaster loan and are not eligible, this may open the door to additional assistance from FEMA. If SBA denies the loan application, you may be eligible for additional FEMA grant assistance to replace essential household items, replace or repair a damaged vehicle, cover storage expenses, or meet other disaster-related needs your Colleton County, South Carolina home or business has suffered.
Do I have to accept an SBA loan if I am approved?
No you do not. If the SBA determines you are eligible for a loan, you do not have to accept it. However, if you do qualify for an SBA loan and you choose not to accept it, additional resources may not be available to you for disaster recovery.
Do I have to choose between a FEMA or an SBA EIDL loan?
No. Qualifying for an SBA EIDL loan does not mean you are suddenly ineligible for FEMA assistance. There are several important reasons to complete and submit an SBA application, even if you think you don’t currently need a loan for your Colleton County, South Carolina home or business. For example, you may discover that you were underinsured for the amount of work required to repair or replace your home. An SBA low-interest disaster loan may bridge the gap between your recovery costs and the settlement amount.
Are SBA EIDL loans only meant for businesses?
No. Due to the Severe Storms and Tornadoes being a natural disaster, the SBA also offers loans for homeowners in Colleton County, South Carolina up to $200,000 to repair or replace your primary residence. The loans are customized to your personal financial circumstances. On a case-by-case basis, the SBA may be able to assist with the refinance of your current mortgages, in the case of a first mortgage, and / or a second mortgage.
The SBA can also help Colleton County, South Carolina renters and homeowners replace household contents, for example: clothing, furniture, appliances, and vehicles. This is referred to as personal property. Homeowners and renters are eligible for up to $40,000 (forty thousand dollars) to repair or replace damaged or destroyed personal property caused by Severe Storms and Tornadoes.
Are SBA loans available for businesses and nonprofits of any size?
Yes. Due to the Severe Storms and Tornadoes declared disaster, Colleton County, South Carolina businesses of all sizes and private nonprofit organizations may borrow up to $2 million (two million dollars) to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size in Colleton County, South Carolina, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.
Is there a deadline to apply for the Severe Storms and Tornadoes SBA low-interest loan?
Yes. The deadline to file applications for physical damage is 06/20/2022. The deadline to return economic injury applications is 01/19/2023. These deadlines may be slightly different depending on the county and state.
Population of Colleton County in South Carolina
Colleton County has a population of 38,462 residents (2021 Census figures), which is a change of -0.40% in population from the 2020 Census numbers. The State of South Carolina has a current total population of 5,190,705. This is a 1.40% change in the number of residents in SC.
The Federal Information Processing System (FIPS) Code for the State of South Carolina is 45000. The FIPS code for Colleton County, SC is 45029.
Colleton County Official Government Website in South Carolina
The official website for the Colleton County, SC government can be found here:
https://www.colletoncounty.org
Check the Colleton County website for other possible disaster relief options for residents and businesses located in Colleton County, South Carolina.
Other South Carolina Counties Affected by the Severe Storms and Tornadoes Disaster
Besides Colleton County, other counties that were affected by Severe Storms and Tornadoes in South Carolina were:
South Carolina Primary Counties
South Carolina Contiguous Counties
Barnwell, Colleton, Hampton, Orangeburg.
South Carolina Cities Located in Colleton County
Canadys, Cottageville, Edisto Island, Green Pond, Islandton, Jacksonboro, Lodge, Round O, Ruffin, Smoaks, Walterboro, Williams.
Summary and Conclusion of the Severe Storms and Tornadoes Disaster in Colleton County, SC
To apply for financial assistance and relief due to your Colleton County, South Carolina business being financially damaged by severe storms and tornadoes on 4/5/2022 through 4/6/2022, there are important SBA deadlines for when you need to submit your new application, increase request, or reconsideration request.
For the Colleton County, South Carolina Declared Disaster Declaration #17402 and #17403, the loan application filing deadline for physical damage is 06/20/2022. The economic injury disaster loan (EIDL) application filing deadline is 01/19/2023.
This is something you can possibly do yourself (DIY) by visiting the official government FEMA and SBA websites.
Colleton County Professional Disaster Assistance for Your Business in South Carolina
Was your Colleton County, SC business disrupted by the severe storms and tornadoes incident that occured on 4/5/2022 through 4/6/2022?
We can offer professional assistance to help your business file for a new SBA EIDL loan, an increase request or loan modification, or a reconsideration appeal if you were denied for an SBA EIDL loan for your business that was economically harmed by severe storms and tornadoes in Colleton County under Disaster Number SC-00078 that was declared on 4/19/2022 through Disaster Declaration #17402 and #17403.
Business Owners Located in Colleton County, South Carolina:
Schedule Your Free Disaster Loan Consultation Call for Help in Financially Recovering from the Severe Storms and Tornadoes That May Have Damaged Your Business in Colleton County, SC.
Cover Image Credit: 123RF.com / Dustie / Disaster Loan Advisors.