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Loan Program Aims to Help Small Businesses Affected By Hurricane Irma

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The Small Business Assistance Corporation (SBAC) recently announced it is offering up to $30,000 to eligible businesses through its Storm Loan Recovery Program after Hurricane Irma impacted many across Coastal Georgia and South Carolina.

Businesses feeling the effects are suffering from property and equipment damage, loss of inventory and loss of revenue due to closings, power outages and cessation of tourism. Eligible uses of the loan include building repair, equipment repair or replacement, inventory replacement, bridge loan to insurance claim payment and operating capital.

“The SBAC Storm Recovery Program is intended to provide financial assistance to speed resumption of normal commercial activities,” said Tony O’Reilly, SBAC president.

The eligible South Carolina small businesses must be an existing business with a 2016 business tax return, have a current business license and located in the counties of Hampton, Jasper, Beaufort, Colleton, Charleston or Dorchester.

Businesses can receive up to $30,000 for a term of up to 36 months, with amortized principal and interest at a 7 percent rate. All loans are subject to availability of funds and prudent business lending practices.

For more information on the Storm Recovery Loan Program Program, please visit http://www.sbacsav.com. Contact the Small Business Assistance Corporation by email sbac@sbacsav.com or phone (912) 232-4700 to apply.

This is an unedited press release

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