Disaster loan deadline approaching for residents and businesses impacted by June 10 storm

BERKELEY COUNTY, S.C. (WCBD) – Residents who suffered damage during a June 10 storm have only a few weeks left to apply for a disaster assistance loan.

Multiple homes were damaged when a downburst, associated with a severe thunderstorm, caused trees to fall and large hail and heavy rain to dump near the Sangaree, Summerville, Ladson, and Goose Creek areas last month.

The U.S. Small Business Administration said disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Additionally, homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

Businesses and private nonprofit organizations can also apply for physical damage disaster loans. The loans can be as low as 4% for businesses and 3.25% for nonprofits. Rates for homeowners and renters were around 2.688%, according to the SBA.

“SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent, or minimize future disaster damage. Approved loans may qualify for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes,” the agency said.

Additional information regarding these loans, including information on interest rates, can be found by visiting sba.gov/disaster or by calling the SBA’s Customer Service Center at 800-659-2955.

The deadline to apply for property damage is August 24 and the deadline to return economic injury applications is March 24, 2025.