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DRCI Business Insights Blog

Posted on: March 20, 2020

SC Small Businesses Now Eligible for SBA Disaster Assistance

While there are certainly significant challenges being faced by all of us, we are also encouraged by the many ways in which our community is also showing how we support one another.

The U.S. Small Business Administration (SBA) is offering South Carolina low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).  If you anticipate having issues paying your bills due to lost business we recommend that you click here to apply for this program.

  • Why is this important?  One person said it best-- "cash is like oxygen to businesses right now." I am not a proponent of borrowing money, but in this case it might be the only way a business can survive the downturn, pay its vendors and stay open. 
  • One important note-- it will take about 30 days from the time the business files this paperwork until they have a check. So if they think they need it now, or in the future, go ahead and start the paperwork. There’s no obligation to cash the check when it’s offered. 
  • How much does a business need to borrow? Up to $25k can be done unsecured, at 3.75%. Not a bad deal. 

SCORE and the SBAs local office at USCB can meet with people remotely to help them fill out the application.

At the Don Ryan Center for Innovation, we understand how complex this situation is, and are doing everything to help our community both now and as we work towards a recovery for our local businesses.  We will continue to serve as a resource for business owners throughout the community, and are here to help in any way – including virtual support services.

Once again, stay safe and healthy, and consider getting involved in one of the ways listed above.  We are here to provide you with any support we can at this difficult time, and look forward to connecting with you in person once conditions improve.

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