RALEIGH, N.C. -- Home and business owners who suffered property and economic damages in last year's hurricanes and floods still have time to apply for loans from the U. S. Small Business Administration (SBA).
January 18 is the deadline to register for assistance by calling the Federal Emergency Management Agency's registration hotline: 1-800-462-9029 and TTY 1-800-462-7585.
Businesses large or small in any of North Carolina's 66 counties which have been declared disaster areas may be eligible for loans to help repair or replace damaged property to its pre-disaster condition. The SBA makes physical disaster loans up to $1.5 million to qualified businesses. The low interest rate for SBA loans to businesses is 4 percent.
Small businesses which have suffered substantial economic setbacks as a result of the disaster may be eligible for financial assistance from the SBA. Economic Injury Disaster Loans can help small entrepreneurs and agricultural cooperatives to meet financial obligations that the businesses could have met had the disaster not occurred. They also will help owners maintain a reasonable working capital position during the period affected by the disaster.
And SBA loans are not just for businesses anymore. Homeowners, renters, and proprietors of personal property may apply to the SBA for loans to help them recover from the disaster.
Personal property loans up to $40,000 are available to help individuals replace clothing, furniture, automobiles, appliances, and other personal property lost or damaged in the disaster.
Homeowners may apply for loans up to $200,000 to repair or restore their primary home to its pre-disaster condition. The loan may not be used to upgrade the structure or make additions to it. However, the loan may be increased to protect the damaged property from similar future disasters. The low interest rate to homeowners and residents is 3.625 percent.
All disaster victims are urged to apply:
- Apply even if you are worried that you won't qualify for a loan. If you don't qualify, you will be considered for other types of assistance, including grants.
- Apply even if you do not need a loan. Hidden repair costs often surface after
rebuilding begins. Making an application does not obligate one to accept a loan it keeps recovery options open.
- Apply even if you are reluctant to take out a loan. Consider the money-saving benefits of SBA's low interest rate.
Once again, the deadline to register for all FEMA, SBA, and state of North Carolina programs is January eighteenth.