City offers small business owners no-interest loans for flood recovery

Small business owners in Columbia affected by the historic Oct. 4 storm could receive up to $10,000 in no-interest loans through a city program started recently.

Columbia’s Office of Business Opportunities started the program to help businesses pay for physical and economic damage caused by the storm. The loans can be used to pay for lost equipment and inventory, clean-up and repair efforts and more, according to a city news release.

Business owners would have 24 months to pay back the loans, starting three months after they receive them. The deadline to apply is Feb. 17, and funds will be dispersed in March, the city said.

Paul Featheringill, the city’s business loan officer, said some business owners still need help even after applying for federal disaster assistance from the Federal Emergency Management Agency and U.S. Small Business Administration.

“What we wanted to offer was something to make a difference for some people that still had a need,” he said.

The city has around $100,000 to loan out through the program, Featheringill said.

To be eligible, applicants must be located within city limits, have applied for FEMA aid, have been in business for at least two years and have suffered losses from the flood not covered by insurance.

An untold number of Columbia businesses were affected by the storm. Some suffered direct physical damage from the flooding, and some also lost revenue because they were closed or customers could not reach them.

The once-popular restaurant Jillian’s, for example, recently closed its Vista location, citing lost revenue and increased expenses after being closed 10 days because of the storm. Other businesses still have yet to re-open after the storm.

This story was originally published February 5, 2016 at 1:04 PM with the headline "City offers small business owners no-interest loans for flood recovery."