By Sam Walker on November 13, 2012
The U.S. Small Business Administration is opening a disaster loan outreach center in Kill Devil Hills to help those who suffered losses from Hurricane Sandy.
SBA’s customer service representatives will be available to answer questions about the disaster loan program and help individuals complete their applications, at the Baum Senior Center on Mustian Street.
The center will be open starting Wednesday through Friday, and next Monday, from 8:30 a.m. until 5 p.m., and Saturday from 10 a.m. until 2 p.m. The center will close at the end of business on Monday, Nov. 19.
Residents and businesses affected by Sandy in Dare, Currituck, Hyde and Tyrrell counties are eligible to apply for low-interest disaster loans from the U.S. SBA.
Applicants may apply online using the Electronic Loan Application via SBA’s secure website at https://disasterloan.sba.gov/ela.
Individuals and businesses unable to visit the center may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by sending an email to firstname.lastname@example.org.
Loan applications can also be downloaded from the SBA’s website at www.sba.gov.
Completed applications should be returned to the Center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
“Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” Skaggs said.
“Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said Lynn Douthett, SBA’s North Carolina district director.
Interest rates are as low as 1.688 percent for homeowners and renters, 3 percent for non-profit organizations and 4 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, according to a statement.
The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.
EIDL assistance is available regardless of whether the business suffered any physical property damage.
The filing deadline to return applications for physical property damage is January 7, 2013. The deadline to return economic injury applications is August 8, 2013.