Economic Injury Disaster Loan Now Open

The SBA Economic Injury Disaster Loan application is now open to business owners in all of South Carolina's 46 counties. The SBA's Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Online SBA Loan Application  ||  SBA Loan Application Instructions Downloadable SBA Loan Application Forms Small Business Table of Size Standards  ||  SBA Loan FAQ   SC SBDC State Resources  ||  SC SBDC Upstate Resources

10 Tips to Consider When Applying for EID Loan

Do not wait to begin your application. Start soon, you are under no obligation to accept the loan if approved, but you must apply for the loan to start the process. There will likely be a 2-3 week process from the point of application to the decision. Do not rush through the application. Check and recheck the filing requirements to ensure that all the needed information is completed prior to submission. The biggest reason for delay in processing will be due to missing information. Although a paper application and forms are acceptable, filing electronically is easier, faster and more accurate. The application may be printed and completed prior to filing online. Save your work at every prompt. Write your password down; neither the system nor any personnel are able to retrieve it if lost. Be sure to use the same contact information (business name and the name of all owners) that you use on your federal tax returns. Double check that they match. If the loan request is denied, the applicant will be given up to six months in which to provide new information and submit a written request for reconsideration. Applicants must meet eligibility (prove injury), have a clear credit history with US Government, prove ability to repay, have a physical presence in declared county and suffer losses due to COVID-19 not economy. Loans up to $2 Million with terms 3.75% up to 30 years. Loans over $25K require collateral (no declines for lack of collateral).

Small Business Strong

Entrepreneurs are known for our resilience and ability to turn tough situations into contributions to our communities. We know many of you are anxious about the state of the economy and your personal business challenges so rather than focus on the virus, the economy or the negative impacts, we are taking this opportunity to outline some things you can do to actually strengthen your business as we hunker down and regroup. read more

Small Business COVID-19 Links and Resources

Greenville SBDC University Center (UCG) 225 S. Pleasantburg Dr. Suite C-12 Greenville, SC 29607 864.370.1545 Clemson SBDC Clemson University 413 Sirrine Hall Clemson, SC 29634 864.710.4717 Greenwood SBDC 430 Helix Road Greenwood, SC 29646 864.941.8092 Spartanburg SBDC Spartanburg Community College - Tyger River Campus 1875 E. Main St. Duncan, SC 29334 864.592.6318

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