19 March 2020
FOR IMMEDIATE RELEASE
City of Aiken Offers COVID-19 Recovery Assistance to Local Businesses and Non-Profits

AIKEN, SC – The City of Aiken Economic Development Department is available to assist business owners and non-profit organizations with the impacts of the current coronavirus (COVID-19) crisis.

City Economic Development staff can assist business owners with accessing grants and loans being made available through federal disaster relief programs that have been activated in response to the financial burdens social distancing has imposed on commerce. Contact the Aiken Economic Development Department at 803-502-4997 to schedule a consultation and SBA application support.

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.

  • The Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the coronavirus (COVID-19). This will apply to current and future disaster assistance declarations related to coronavirus.
  • SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
  • These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
  • SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
  • SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.

Contact:
Tim O’Briant
Economic Development Director
City of Aiken
TObriant@CityofAikenSC.gov