City approves five businesses for no-interest flood recovery loans

Five local small businesses affected by the historic Oct. 4 storm will get flood recovery help from the city of Columbia.

Columbia’s Office of Business Opportunities on Wednesday approved each for a $10,000 no-interest loan to cover losses related to the storm, said Paul Featheringill, the city’s business loan officer.

All eight of the program’s applicants applied for the maximum $10,000 available, Featheringill said. Three applicants were denied.

The loans can be used to pay for lost equipment and inventory, cleanup and repair efforts and more. The recipients, whose locations were spread from Columbia’s Vista to north Columbia to Fort Jackson Boulevard, must repay the loans within two years.

The city awarded flood recovery loans to Samuel Chiropractic P.A. at 2757 Laurel St., LaBrasca’s Pizza at 4365 Fort Jackson Blvd., Nonnah’s restaurant at 923 Gervais St., Spartan Benefit Systems at 808 Burwell Lane and Strickly Family at 3407 Farrow Road.

Featheringill said the city expects the loans to be “hugely helpful” for businesses still struggling after the storm. Some Columbia businesses suffered direct physical damage from the flooding, and some also lost revenue because they were closed or customers could not navigate road closures to reach them.

“Any little bit that we can help with, with a lower payment and the lower interest amount, I think that can help tremendously,” he said.

Eligible applicants had to 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. Two applicants were denied because they were not within city limits, Featheringill said.

This story was originally published February 25, 2016 at 11:38 AM.