WASHINGTON, D.C. -- Long-term recovery assistance for families and businesses affected by Hurricane Floyd is now available through the U.S. Small Business Administration's (SBA) disaster loan program, SBA Administrator Aida Alvarez said today.
President Clinton authorized federal assistance yesterday in the aftermath of the storms and floods caused by Hurricane Floyd. Under the declaration, residents and business owners in 66 North Carolina counties are eligible to apply for SBA's low-interest disaster loans.
"SBA is the nation's bank in times of disaster, and we will do all we can to help North Carolina residents recover quickly," Alvarez said.
Those affected by the hurricane are urged to call the Federal Emergency Management Agency (FEMA) at (800) 462-9029 to begin the process for federal disaster assistance. SBA staffers are available to answer questions about SBA disaster loans.
Homeowners, renters and businesses of all sizes may apply for SBA low-interest disaster loans. SBA can lend up to $200,000 to repair uninsured damage to homes. Homeowners and renters may borrow up to $40,000 to repair or replace uninsured personal property like furniture, clothing, and automobiles damaged during the disaster.
Businesses of all sizes may borrow up to $1.5 million to repair uninsured real estate, machinery, inventory and other business assets damaged during the disaster. SBA also makes working capital disaster loans of up to $1.5 million for small businesses financially impacted by the disaster, even if the property was not physically damaged.
After Hurricane Georges ripped through Mississippi, Florida, Alabama, Louisiana, the Virgin Islands and Puerto Rico last September, SBA approved over 22,000 disaster loans for $408 million. For more information about SBA disaster loans call (800) 359-2227.