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NC 16600 - SBA Deadline is Approaching for North Carolina Businesses to Apply for Working Capital Loans Due to Hurricane Isaias

ATLANTA – The U.S. Small Business Administration is reminding businesses in North Carolina that Economic Injury Disaster Loans (EIDLs) are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations affected by Hurricane Isaias on Aug. 3, 2020. The application deadline is May 20.

“Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the May 20 deadline,” said Kem Fleming, director of SBA Field Operations Center East.

The declaration covers Bertie County and the adjacent counties of Chowan, Halifax, Hertford, Martin, Northampton and Washington in North Carolina.

The loan amount can be up to $2 million with interest rates of 3 percent for small businesses and 2.75 percent for private nonprofit organizations, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources.  Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred.  The loans are not intended to replace lost sales or profits.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov and should apply under SBA declaration # 16600, not for the COVID-19 incident.

Businesses 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 sba.gov/disaster.  Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to return economic injury applications is May 20, 2021.

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Release Number: 
21-323
Release Date: 
Monday, April 19, 2021 - 6:45pm
Contact: 
Michael Lampton
Related State: 
North Carolina
Field Operations Center: 
East