SBA information
Home and Business owners and some non-profit owners in the North Carolina counties of:Catawba, Alexander, Burke, Caldwell, Iredell, and Lincolnwho sustained physical damage in the severe storms and tornado that occurred on January 9, have until April 1 to apply to see if they’re eligible for long term, low interest SBA:
Business Physical Damage Loans of up to $2 million to repair or replace disasterdamaged property, real estate, inventories, supplies, machinery and equipment.
Home Disaster Loansof up to $500K to homeowners to repair/replace disasterdamaged real estateand up to $100K to homeowners and rentersto replace personal property, including automobiles.
Business and non-profit owners in these same counties have untilNovember 1st to apply for:
Economic Injury Disaster Loans of up to $2 million to help small businesses and non-profits with working capital loans that may provide necessary capital to help meet payroll, pay utility bills, etc. until normal operations resume.
Farmers are not eligible for disaster assistance for their farm business, however, farms may qualify for their non-farm activities, such as farm stands or other retail operations.
There’s no fee to apply for either and those who are offered an SBA disaster loan are under no obligation to take one (and have 60 days to decide).
If you take a loan, you have up to a year to begin making payments with no accrued interest.
Interest rates are as low as: 4 percent for businesses and Small Agricultural Cooperatives
3.25 percent for nonprofit organizations
2.688 percent for homeowners and renters
Applying online for the can be done through April 1 at DisasterLoanAssistance. sba.gov (https://disasterloanassistance.sba.gov).orin person with a trained and experienced Customer Service Rep through February 20 at the DLOC at Catawba County Emergency Services, 100 Government Drive in Newton, Mon. – Fri., 9 am to 6 p.m. and Sat. from 10 am to 2 pm (closed on Monday, Feb. 19 for the Presidents Day Federal Holiday
The typical time to process a loan application is 2 to 3 weeks culminating with a recommended loan amount from a Loan Officer.
Three to five days after we receive signed closing documents a disbursement up to $25K may be made.