Economic injury disaster loans now available in North Carolina
The U.S. Small Business Administration announced Jan. 3 that federal economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations located in North Carolina. This announcement was made as a result of the drought and excessive heat incurred between April 1 and July 31, 2012.
This declaration is applicable to the following counties: Durham, Franklin, Granville, Person, Vance and Wake.
This loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. Agricultural producers, farmers and ranchers (except for aquacultural enterprises) are not eligible to apply. Nurseries are eligible to apply if their losses were caused by drought conditions.
Entities may apply for loan amounts up to $2 million, with interest rates of 3 percent for private non-profit organizations of all sizes and 4 percent for small businesses (with up to 30 year terms). Eligibility is based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms will be based on each applicant’s financial condition.
These loans are not intended to replace lost sales or profits; rather, they are strictly for paying fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
Applicants may apply online using the Electronic Loan Application via the administration’s secure website: //disasterloan.sba.gov/ela.
Information and application forms may also be obtained by calling the customer service center at 800-659-2955 (or 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 sba.gov.
Completed applications must be mailed no later than Aug. 12 to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. For more information, visit sba.gov.