Dear South Carolina Business and Business Ally,
Know many of you may have this information, but wanted to make sure it made the rounds. As COVID-19 makes its impact felt across the world, agencies and organizations everywhere are gearing up to support the business and industry community – acknowledging that an active local economy is vital for a healthy community. The SBA’s Economic Injury Disaster Loan Program (EIDL) is aimed at supporting business finance, one of those key components.
Attached is a copy of the SBA’s fact sheet on the EIDL program, as well as their press release. South Carolina was approved for the program late Thursday afternoon, March 19, 2020. In summary, these loans can be used for a variety of business purposes, including working capital loans. The maximum amount of each loan is $2 million, at 3.75%, for up to 30 year terms. They are direct loans, all handled on-line through the SBA regional offices.
As more resources are made available, we will continue to push information out about them. Additional business related information and resources can be found at www.sccommerdce.com and www.scemd.org. If we can be of further assistance to you in any way, please contact us at ESF24@emd.sc.gov, 803-737-8524. (ESF 24 stands for Emergency Support Function; the 24 internally designates our focus on Business and Industry support in times of disaster.)
Thank you!
Chuck Bundy
South Carolina Department of Commerce