212013Jul

SBA Offers Disaster Assistance to NC Residents Affected By Severe Storms and Flooding

SBA Offers Disaster Assistance to North Carolina Residents

Affected By Severe Storms and Flooding


WASHINGTON – North Carolina residents and businesses affected by severe storms and flooding on June 30 can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Karen G. Mills announced today.

Administrator     Mills     made     the     loans     available     in     response     to     a     letter     from Gov. Pat McCrory on July 11, requesting a disaster declaration by the SBA.  The declaration covers Orange County and the adjacent counties of Alamance, Caswell, Chatham, Durham and Person in North Carolina.

“The SBA is strongly committed to providing the people of North Carolina with the most effective and customer-focused response possible to assist homeowners, renters, and businesses of all sizes with federal disaster loans,” said Administrator Mills. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”

“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate.    Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.   SBA’s customer service representatives are available at the Disaster Loan Outreach Center to answer questions about the disaster loan program and help individuals complete their applications.

The Center is located in the following community and is open as indicated:

Orange County

University Mall North Carolina

201 S. Estes Drive, Suite A10

Chapel Hill, NC 27514

Hours:    Monday, July 22 – Thursday, July 25 from 9 a.m. to 6 p.m. Closing: Thursday, July 25 at close of business

“Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace  damaged  or  destroyed  real  estate,  machinery  and  equipment,  inventory,  and  other business assets,” said Lynn Douthett, SBA’s North Carolina district director.

The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make upgrades that lessen the risk of property damage by similar future disasters.

For small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster.  EIDL assistance is available regardless of whether the business suffered any physical property damage.

Interest  rates  are  as  low  as  1.875  percent  for  homeowners  and  renters,  2.875  percent  for non-profit organizations and 4 percent for businesses with terms up to 30 years.  Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Individuals and businesses unable to visit the center may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for  the  deaf  and  hard-of-hearing),  or  by  emailing   disastercustomerservice@sba.gov.  Loan applications  can  also  be  downloaded  at   www.sba.gov.  Completed  applications  should  be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is  September 13, 2013.  The deadline to return economic injury applications is April 15, 2014.

###

For more information about the SBA’s Disaster Loan Program, visit our website at  www.sba.gov/disaster.