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South Carolina to receive disaster recovery assistance from Small Business Administration

South Carolina Department of Commerce
March 23, 2020

COLUMBIA, S.C. – In response to a request from Governor Henry McMaster for a disaster declaration, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for South Carolina small businesses suffering substantial economic injury resulting from the Coronavirus (COVID-19). The disaster declaration makes SBA assistance available in the entire state of S.C.

“These low-interest loans are of monumental importance to our business community,” said Gov. Henry McMaster. “There’s no doubt that our state’s small businesses have suffered losses throughout this incredibly difficult time, but help is on the way.”

Small businesses and non-profit organizations that have been financially impacted as a direct result of COVID-19 may qualify for Economic Injury Disaster Loans up to $2 million to help meet financial obligations and operating expenses.

“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact,” said SBA Administrator Jovita Carranza. “Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing.”

“We are grateful the SBA acted so swiftly to provide assistance to South Carolina’s small business community,” said S.C. Secretary of Commerce Bobby Hitt. “We encourage S.C. businesses to take advantage of this program aimed at bridging the financial gap during this unprecedented time.”

The application and additional information is available at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. The deadline to return Economic Injury Disaster Loan applications is December 21, 2020.

About S.C. Department of Commerce

As South Carolina’s leading economic development agency, the Department of Commerce works to recruit new businesses and help existing business grow. S.C. Commerce has recruited world-class companies to South Carolina such as BMW, Boeing, Continental, Giti Tire, LPL Financial Holdings, Mercedes-Benz Vans, Samsung, Toray and Volvo Cars and also supports startups, small and existing business, innovation and rural development initiatives. S.C. Commerce partners with the S.C. Technical College System via readySC to support workforce training and recruiting, and with the S.C. Department of Employment and Workforce, which provides worker training and employment opportunities within the state. With a strong international footprint, the Palmetto State was among the top in the nation for attracting jobs through foreign investment on a per capita basis in 2018 – extending its streak of top five finishes since 2011. Additionally, the state has won the Gold or Silver Shovel Award from Area Development magazine every year since 2011; and, in 2017, the state was recognized as Business Facilities’ State of the Year. For more information, visit www.SCcommerce.com.

MEDIA CONTACT:
Alex Clark, CMP
Director of Marketing & Communications
South Carolina Department of Commerce
(803) 737-1998
[email protected]
www.SCcommerce.com

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