Feds issue deadline for N.C. businesses to apply for Economic Injury Disaster Loans

Local

U.S. Small Business Administration

ATLANTA, GA. (WNCT)

The U.S. Small Business Administration has issued a deadline of Sept. 30, 2019 for businesses in some East N.C. counties to apply for loans to recover from economic harm caused by Hurricane Florence.

USSBA officials said federal Economic Injury Disaster Loans are available for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations located in the following counties: Beaufort, Bertie, Edgecombe, Franklin, Halifax, Martin, Nash, Northampton, Pitt, Warren, Washington, and Wilson.

Economic Injury Disaster Loans are intended to be used for entities that suffered financial losses as a direct result of natural disasters, such as Hurricane Florence. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.

The loans are for working capital and can be up to $2 million with interest rates of 3.675 percent for eligible small businesses and 2.5 percent for nonprofit organizations, and terms up to 30 years.

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 SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservicePsba.gov. Loan applications can be downloaded from the SBA’s website at sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Completed loan applications must be returned to SBA no later than Sept. 30, 2019.

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