SBA: Additional counties eligible for SBA Disaster Assistance in South Carolina

The U.S. Small Business Administration is seeking nominations by January 11 for the 2016 Mississippi Small Business Person of the Year and Small Business Champion Awards. Huntington lent more than $673 million to small businesses, representing 4,337 loans for an increase of 21 percent in the amount of dollars lent and a 4 percent increase in number of loans over fiscal 2014.

More than $2.5 million have been dispensed in disaster assistance loans on 110 applications approved so far in the 40-county flood-affected area from Columbia to the coast, SBA Administrator Maria Contreras-Sweet said during a visit and tour of Columbia. With the average 7(a) loan made by Zions hovering less than $203,000, many entrepreneurs are taking advantage of this perk.

Businesses in the counties are eligible for both physical and economic injury disaster loans from the Small Business Administration. “So the shift we’re seeing in more small business loans in the state and at Zions reflects positive growth”. “Business owners are focused on helping their businesses to grow and often do not have time to explore lending options”. On a loan of $150,000, the two percent savings waived by the SBA could translate to two employees’ salaries for one month.

The SBA also offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses to PNP organizations.

“They really are the spark of the economy because they employ a lot of folks who otherwise would not have those opportunities for employment. In the recession, they weren’t doing that”, he said.