SBA Makes Low Interest Disaster Loans Available for Severe Storms and Tornadoes Victims

WASHINGTON, April 4, 2008 /PRNewswire-USNewswire/ -- Low-interest disaster loans will be made available by the U.S. Small Business Administration toSouth Carolina residents and businesses affected by the severe storms and tornadoes on March 15, 2008, SBA Administrator Steve Preston announced today.

Administrator Preston took this action following an April 2 letter fromSouth Carolina Governor Mark Sanford requesting a disaster declaration by the SBA. The declaration coversAiken,Allendale,Williamsburg and the adjacent counties ofBamberg,Barnwell,Berkeley,Clarendon,Colleton,Edgefield,Florence,Georgetown,Hampton,Lexington,Marion,Orangeburg andSaluda in theState of South Carolina; and the counties ofBurke,Richmond andScreven in theState of Georgia.

"We have been working closely with Gov. Sanford and his staff to identify the areas that need help and complete our evaluations of the damage caused by these storms," said Administrator Preston. "Now we can start working directly with the residents of these communities, the renters, homeowners and businesses who need SBA disaster loans to help finance their recovery."

Frank Skaggs, Director of Disaster Field Operations Center East said, "Residents, both homeowners and renters, are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property. Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. The SBA's Customer Service Representatives will be on hand at the Disaster Loan Outreach Centers to issue loan applications, answer questions about the SBA's disaster loan program, explain the application process and help individuals complete their application."

The Centers will be located in the following communities and will open as indicated:

Aiken County

Bath Fire Department

115 School Road

Bath, SC 29816

Opens: Tuesday, April 8

Hours: Monday - Friday, 8 a.m. - 5 p.m.

Saturday, April 12th, 9 a.m. - 1p.m.

(one Saturday Only)

Allendale County

Allendale County Courthouse

391 Barnwell-Allendale Hwy

Allendale, SC 29810

Opens: Tuesday, April 8

Hours: Monday - Friday, 8 a.m. - 5 p.m.

Saturday, April 12th, 9 a.m. - 1 p.m.

(one Saturday Only)

Williamsburg County

Williamsburg County Recreation Complex

2084 Thurgood Marshall Highway

Kingstree, SC 29556

Opens: Tuesday, April 8

Hours: Monday - Friday, 8 a.m. - 5 p.m.

Saturday, April 12th, 9 a.m. - 1 p.m.

(one Saturday Only)

Elliott Cooper, SBA'sSouth Carolina District Director stresses, "Low-interest Federal disaster loans are available to renters, homeowners, businesses of all sizes and private non-profit organizations whose property was damaged or destroyed by the severe storms and tornadoes."

Businesses of any size and private non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other business assets. The SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage in the future.

For small businesses only, the SBA offers Economic Injury Disaster Loans 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 property damage.

Individuals and businesses unable to visit the Centers in person may obtain information and loan applications by calling tollfree (800) 659-2955. Hearing impaired individuals may call (800) 8778339.

The filing deadline to return applications for physical property damage is June 2, 2008. The deadline to return economic injury applications is January 5, 2009.

For more information about the SBA's Disaster Loan Programs, visit our website at www.sba.gov.

SOURCE U.S. Small Business Administration

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