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Low Interest Disaster Loans Now Available

Back to Government Matters

Low Interest Disaster Loans Now Available

Did your business or nonprofit organization experience property damage or lost revenue from Hurricane Florence - including losses from the cancelled UNC football game on Sept 15th?

If so, you could be eligible for federal government disaster assistance, including unsecured, low-interest loans with no payment for the first year. 

The U.S. Small Business Administration (SBA) provides low-interest disaster loans to help businesses, nonprofits, homeowners, and renters recover from declared disasters (enterprises in Orange, Durham, and Chatham Counties are eligible).  

SBA loans are as low as 3.6% for businesses and 2.5% for nonprofits, and the terms can extend for as long as 30 years. Filing deadline for physical damage is *December 13, 2018 (*recently extended!), and the filing deadline for economic injury is June 14, 2019. 

To learn more, watch this video of SBA Public Information Officer, Corey D. Williams, as he shares important information during a presentation to the Chapel Hill Town Council.
 
The following are Corey’s recommended resources:
 
 

Here is more information compliments of SBA Public Affairs: 
  • Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.  Applicants may be eligible for a loan increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes.  Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
  • 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.  Economic Injury Disaster Loan assistance is 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 3.675 percent for businesses, 2.5 percent for nonprofit organizations and 2.0 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 apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at DisasterLoan.sba.gov.
  • To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If 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.
  • Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to disastercustomerservice@sba.gov. 
  • The filing deadline to return applications for physical property damage is Nov. 13, 2018.  The deadline to return economic injury applications is June 14, 2019.
 
In addition, below is a list of recommended resources compliments of the US Federal Emergency Management Agency (FEMA) Private Sector Disaster Office: 
  • FEMA’s External Affairs Private Sector Division serves as primary point of contact to answer questions regarding state and federal programs now activated as a result of Hurricane Florence for business owners, homeowners and renters.
  • Businesses are encouraged to check out the North Carolina Business Emergency Operation Center which (BEOC) is a physical and virtual communications and operational hub for business and industry during events that threaten North Carolina. Private Sector partners incorporated into the State Emergency Response Team (SERT) capitalize on shared information in the response, recovery, preparation and mitigation phases of state emergency management.
  • For businesses effected by the hurricane, the SBA offers low-interest, long-term disaster loans for physical damage and working capital. For SBA Hurricane Florence announcements or to locate the closest SBA Business Recovery Center to you, visit https://www.sba.gov/disaster-assistance/hurricane-florence.
  • If you’re out of work or lost income due to Florence, you may be eligible for Disaster Unemployment Assistance (DUA). DUA helps those who do not qualify for regular unemployment benefits—such as farm laborers and self-employed workers. To apply, call 866-795-8877. For more information, visit the state’s Division of Employment Security website https://des.nc.gov/DES.

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