Small Business Administration extends the deadline for Myrtle Beach area residents and businesses to apply for disaster loans following Hurricane Florence
If your home or business experienced economic losses due to Hurricane Florence, you have until Wednesday, December 5, to apply for low-interest federal loans for disaster-related damages. Businesses are eligible to receive up to $2 million in loans for physical damages, such as losses on real estate, inventory and equipm...ent. Commercial establishments also can obtain up to $2 million in loans for working capital due to economic losses. No physical damages are necessary to apply for the working capital loans.
Homeowners and renters qualify for up to $200,000 in loans for your primary residence and up to $40,000 for personal property losses. Interest rates are as low as 3.6% for businesses, 2.5% for non-profit organizations and 2% for individuals with repayment terms up to 30 years.
The first step of the application process requires registration with the Federal Emergency Management Agency (FEMA) at https://www.disasterassistance.gov/. You can also call 1-800-621-3362 to register. Next, apply online at https://disasterloan.sba.gov/ela/.
Applications also are available by mail. To request a paper copy of the application or to get more information about disaster loans, call 1-800-659-2955. Those who are hearing impaired can call 1-800-877-8339.