Disaster Loan Assistance- Small Business Administration

  • Home and Business owners and some non-profit owners in the North Carolina counties of: Catawba, Alexander, Burke, Caldwell, Iredell, and Lincoln who 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 disaster-damaged property, real estate, inventories, supplies, machinery, and equipment.
  • Home Disaster Loans of up to $500K to homeowners to repair/replace disaster-damaged real estate and up to $100K to homeowners and renters to replace personal property, including automobiles.
  • Business and non-profit owners in these same counties have until November 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 the 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.govor in 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