Administrator McMahon made the loans available in response to a letter from Gov. Roy Cooper on June 9, requesting a disaster declaration by the SBA. The declaration covers Sampson County and the adjacent counties of Bladen, Cumberland, Duplin, Harnett, Johnston, Pender and Wayne in North Carolina.
SBA Customer Service Representatives will be at the Disaster Loan Outreach Center to issue loan applications, answer questions and help individuals complete their applications.
The center is located in the following community and is open as indicated:
Sampson County Exposition Center
414 Warsaw Road
Clinton NC, 28328
Opens: Friday, June 16 at 10 a.m. - 5 p.m.
Hours: Weekdays, 8 a.m. to 5 p.m.; Saturday, June 17, 9 a.m. to 1 p.m.
Closed: Sunday, June 18
Closing: Thursday, June 22 at 3 p.m.
“Businesses and nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA North Carolina District Director Lynn Douthett.
For small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
“Loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Frank Skaggs, director of SBA’s Disaster Field Operations Center East in Atlanta.
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.
Interest rates are as low as 3.215 percent for businesses, 2.5 percent for nonprofit organizations, and 1.938 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
Survivors may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing firstname.lastname@example.org. Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be returned to the 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 Aug. 14, 2017. The deadline for economic injury applications is March 14, 2018.
For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster.