Nonprofits in some ENC counties can apply for federal loans to recover from Dorian

Dorian

U.S. Small Business Administration

ATLANTA, GA (WNCT) – The U.S. Small Business Administration (SBA) said that some private and nonprofit groups in some eastern North Carolina counties may be eligible to apply for low-interest rate disaster loans, to help them recover from Hurricane Dorian.

The SBA said that private and nonprofit organizations that do not provide critical services of a governmental nature in the following counties may be eligible to apply for low-interest rate disaster loans:

Brunswick, Carteret, Craven, Currituck, Dare, Duplin, Hyde, Jones, New Hanover, Pamlico, Pender, Sampson, Tyrrell, and Washington.

According to the SBA, examples of eligible groups include, but are not limited to food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.

Eligible groups may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

The interest rate is 2.75% with terms up to 30 years.

Applicants may be eligible for a loan amount increase up to 20% of their physical damages, as verified by the Small Business Administration 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.

The SBA also offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses to private nonprofit organizations.

Economic Injury Disaster Loan assistance is available regardless of whether the organization suffered any physical property damage.

Private nonprofit organizations are urged to contact their county’s Emergency Manager for information about their organization. The information will be submitted to FEMA to determine eligibility for a Public Assistance grant or whether the private nonprofit organization should be referred to SBA for disaster loan assistance.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov. Disaster loan information and application forms may also be obtained by calling the Small Business Administration’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or sending an email to disastercustomerservice@sba.gov.

Loan applications can also be downloaded from www.sba.gov/disaster.

Completed applications should be 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 Dec. 3, 2019.

The deadline to submit economic injury applications is July 6, 2020.

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