`0 DISASTER NEWS
Loans for Businesses of All Sizes, Homeowners and Renters
SBA Disaster Assistance – Field Operations Center- East – 101 Marietta Street, NW, Suite 700, Atlanta, GA 30303 _________________________________________________________________________________________________________________________________
Release Date: Jan. 9, 2017 Contact: Michael Lampton
Release Number: 17-264, NC 14911/14912 Email: Michael.Lampton@sba.gov
Phone: (404) 331-0333
SBA Extends Disaster Assistance Application Deadline to January 23;
Over $77 Million Approved
ATLANTA – The U.S. Small Business Administration (SBA) has extended the deadline to apply for physical disaster damages. Anyone in the declared counties in North Carolina with physical damages caused by Hurricane Matthew that occurred on Oct. 4 –24, 2016 should apply for the disaster recovery loan program before the Jan. 23, 2017 deadline.
The deadline extension will help to ensure that businesses and residents with uninsured losses have the additional time they need to submit their SBA disaster loan applications. Currently, SBA has approved over $77 million in low-interest disaster loans to over 2,100 North Carolina businesses and residents affected by the disaster.
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. 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. These loans are available regardless of whether the business suffered any physical property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.
Interest rates are as low as 4 percent for businesses and 2.625 percent for nonprofit organizations, and 1.563 percent for homeowners and renters 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 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 now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
To be considered for all forms of disaster assistance, applicants should register online at http://www.DisasterAssistance.gov or download the FEMA mobile app. If the online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to email@example.com.
Loan applications can be downloaded from http://www.sba.gov/disaster. Completed applications can be returned to a recovery center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to submit applications for physical property damage is Jan. 23, 2017. The deadline for economic injury applications is July 10, 2017.