Bamberg gets big boost, following SBA approving Governor’s request for disaster assistance

BAMBERG, SC. (WJBF)- It’s been nearly three months since the city of Bamberg was hit by an EF-2 tornado.

The bricks from the storm are still on Main Highway, but the help Bamberg needs is on the horizon.

NewsChannel 6 last came to Bamberg when former South Carolina Governor Nikki Haley visited on a bus tour stop for her Presidential campaign–despite recently dropping out of the race.

Mayor Nancy Foster shared that the Department of Commerce would visit the city, and Ramsey not only confirms they did, but provided help to Oak to Barrel: a valuable business that was destroyed by the tornado.

“The Department of Commerce was able to provide resources to Oak to Barrel to be able to pay those employees even while they have been out of work. That department has been a great resource during this time,” said Ramsey.

The city council approved a state of emergency in late January, requesting help at the state level.

South Carolina Governor Henry McMaster requested for disaster assistance from the U.S. Small Business Administration last Wednesday, March 20th.

On March 27th–a week later–the SBA approved the Governor’s request.

City leaders including Councilman Corey Ramsey say this is huge for the city and the county.

“We’re grateful. I definitely speak for my constituents and those who reside in this city, and even the county, and surrounding counties,” said Ramsey. “This effort will not only help Bamberg county, but help our surrounding counties. I believe that everyone is excited about what will happen as it relates to the SBA loans.”

According to the Governor’s office, the declaration not only covers Bamberg County, but nearby counties of Allendale, Barnwell, Colleton, Hampton, and Orangeburg.

Ramsey says the city has had a great relationship with the state capital, which is an advocate for Bamberg.

“We knew what was happening in our area, and we wanted to make sure that we had all of our documents in place so that the state capital could know that Bamberg was in need of assistance,” said Ramsey.

This statement from Governor McMaster was provided from his office:

SBA has now opened a Disaster Loan Outreach Center at Bamberg County’s Courthouse to help assist businesses and residents affected by the disaster.

Jim Accurso is the Public Affairs Specialist for the organization’s Office of Disaster Recovery and Resilience.

“We can provide coverage up to 2-Million-dollars for business owners for the physical damage to the property, as well as the contents of the business–so machinery and inventory,” said Accurso.

Small businesses, small agricultural cooperatives, small businesses associated with aquaculture, and private nonprofits have the opportunity to receive Economic Injury Disaster Loans (EIDLs) to help meet work capital needs from the storm.

For homeowners, they can receive up to $500,000 in loans–homeowners and renters can qualify for loans up to $100,000 for the content of the home. Accurso says these loans are specifically for damage related to the tornado.

“They have to apply, they have to be found eligible, and it has to be damage for January 9th,” said Accurso. “If they’re on the fence and they’re not sure, we encourage them to come in.”

Accurso adds that SBA reps look at credit history, rather than credit score–as they are looking for an individual’s ability to repay.

In terms of interest rates, the Governor’s office says they are as low as 4% for businesses, 3.25% for non-profit organizations, and 2.688% for homeowners and renters, with a maximum term of 30 years.

The office says: “Interest does not begin to accrue, and monthly payments are not due until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.”

Accurso says it’s all part of the effort to help those in the community get back on their feet.

“Up to 25% of businesses don’t recover after a natural disaster like this. So that’s why we really want to be able to help the businesses. Help them get back on their feet, help them get that working capital so they can stay open,” said Accurso.

Councilman Ramsey says the next steps for the city are “day-by-day”.

“Every day there may be something new that we need to address,” said Ramsey. “The assistance is helping our citizens and constituents get back to a sense of normal. In terms of cleanup, it’s day-by-day because we want to make sure it’s done safely and with priority.”

The hours for the loan outreach center are 9 a.m. to 5 p.m. Monday-Friday, and from 10 a.m. to 2 p.m. on Saturdays.

The office will be closed on Sundays, and will be closed this Saturday, March 30th in observance of Easter weekend.

The center will permanently close on Wednesday, April 10th at 4 p.m.

The filing deadline to returns applications for property damage is Tuesday, May 21st 2024.

The deadline to return economic injury applications is Monday, December 23rd, 2024.

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