71 get disaster assistance loans after Orange Co. floods - WNCN: News, Weather

71 get disaster assistance loans after Orange Co. floods

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Financial assistance continues to be available for people who suffered from the severe thunderstorms and flash flooding that struck Orange County and the surrounding area June 30.

Gov. Pat McCrory announced Wednesday that financial assistance is available as a result of the governor's request for a disaster declaration by the U.S. Small Business Administration, authorities said.

On Tuesday, authorities said 71 people had received the loans so far.

While Orange is the only county that meets the threshold for SBA assistance, residents and business owners in the surrounding counties of Alamance, Caswell, Chatham, Durham, and Person counties can also apply for the federal assistance.

A U.S. Small Business Administration Disaster Loan Outreach Center opened Friday at the University Mall located at 201 S. Estes Drive in Chapel Hill. The center will be open this week  through Thursday from 9 a.m. to 6 p.m.

Loans up to $200,000 are available through the SBA to homeowners to repair or replace damaged or destroyed structures. Homeowners and renters also are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property, such as clothing, appliances, etc.  Storm victims in the designated counties who do not qualify for a federal loan may be eligible for a state grant.

Businesses and non-profit organizations may borrow up to $2 million for physical damage. Working capital loans are also available to small businesses and most private non-profit organizations.

Interest rates are as low as 1.875 percent for homeowners and renters, 2.875 percent for non-profit organizations and four percent for businesses with terms up to 30 years.  Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.  

Individuals and businesses unable to visit the center can apply via the SBA Customer Service Center at 800-659-2955 or apply online at https://disasterloan.sba.gov/ela.  Members of the deaf and hard-of-hearing community can call 800-877-8339.

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