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NC 15393 - SBA Offers Disaster Assistance to North Carolina Residents Affected by Flooding and Heavy Winds

WASHINGTON – North Carolina businesses and residents affected by the flooding and heavy winds on Oct. 23, 2017, can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Linda McMahon announced today. 
 
Administrator McMahon made the loans available in response to a letter from Gov. Roy Cooper on Nov. 14, 2017, requesting a disaster declaration by the SBA.  The declaration covers Watauga County and the adjacent counties of Ashe, Avery, Caldwell, and Wilkes in North Carolina; and Johnson in Tennessee.
 
“The SBA is strongly committed to providing the people of North Carolina with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said Administrator McMahon. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.” 
 
SBA Customer Service Representatives will be at the Disaster Loan Outreach Center to issue loan applications, answer questions and help individuals complete their applications.
 
The Center is located in the following community and is open as indicated:
 
Watauga County
Emergency Management/Communications
Boone, NC  28607
 
Opening:  Tuesday, Nov. 28; 11 a.m. - 6 p.m.
Days:  Weekdays, 9 a.m. - 6 p.m.
Hours:  Saturday, 10 a.m. - 2 p.m. (closed Sunday)
Closing:  Tuesday, Dec. 5; 9 a.m. - 3 p.m.
 
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s North Carolina District Director Lynn Douthett.
 
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.  Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
 
“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. 
 
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
 
Interest rates are as low as 3.385 percent for businesses, 2.5 percent for nonprofit organizations, and 1.75 percent for homeowners and renters with terms up to 30 years.  Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
 
Survivors may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
 
Businesses and individuals 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/disaster. 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 Jan. 22, 2018.  The deadline to return economic injury applications is Aug. 21, 2018.
Release Number: 
18-134
Release Date: 
Wednesday, November 22, 2017 - 12:00am
Contact: 
Michael Lampton
Related State: 
North Carolina
Tennessee
Field Operations Center: 
East