On Jan. 30, 2024, Governor Roy Cooper requested a disaster declaration from the Small Business Administration (SBA) after severe storms impacted North Carolina on Jan. 9. This prompted the SBA to approve low-interest disaster loans for businesses and residents in Catawba County and the adjacent counties of Alexander, Burke, Caldwell, Iredell, and Lincoln. Businesses and residents in the declared area impacted by the storms can apply for low-interest disaster loans from the SBA.
“The SBA declaration will help businesses and residents in the impacted areas in their recovery efforts,” said Will Ray, Director of North Carolina Emergency Management. “NCEM will continue to work with our local partners to get the resources needed during this difficult time.”
The SBA will open a Disaster Loan Outreach Center (DLOC) beginning Monday, Feb. 5 at 9 a.m. at the Catawba County Emergency Services Office located at 100 Government Drive, Newton, NC 28658. Loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $100,000 to repair or replace damaged or destroyed personal property.
Economic Injury Disaster Loans (EIDLs) are also available for business that may need working capital due to the disaster regardless of whether the business suffered any physical property damage. This includes small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations.
Applications can be submitted online at sba.gov/disaster, where disaster assistance information can also be found. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return applications for physical property damage is April 1, 2024, and economic injury applications is Nov. 1, 2024.
Applicants may be eligible for an increase of up to 20% of their physical damages, as verified by the SBA for mitigation improvements such as a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage.
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.