SBA Deadline Approaching in North Carolina for Working Capital Loans for Economic Losses from 2021 Excessive Rain, Flooding and Tropical Storm Fred
ATLANTA - The U.S. Small Business Administration (SBA) is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations that June 20 is the filing deadline for federal economic injury disaster loans in North Carolina for economic losses due to excessive rain, flooding and Tropical Storm Fred on Aug. 15-17, 2021.
Low-interest disaster loans are available in the following counties: Avery, Buncombe, Burke, Cherokee, Clay, Graham, Haywood, Henderson, Jackson, Macon, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania and Yancey in North Carolina; Fannin, Rabun, Towns and Union in Georgia; Greenville, Oconee and Pickens in South Carolina; and Carter, Cocke, Greene, Monroe, Polk, Sevier, and Unicoi in Tennessee.
Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers.
The loan amount can be up to $2 million with interest rates of 2.855 percent for small businesses and 2 percent for private nonprofit organizations, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits. Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s/ and should apply under SBA declaration # 17253.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or by sending an email to DisasterCustomerService@sba.gov. Loan applications can be downloaded from the SBA’s website at 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.
Submit completed loan applications to SBA no later than June 20, 2022.
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About the U.S. Small Business AdministrationThe U.S. Small Business Administration makes the American dream of business ownership a reality. Asthe only go-to resource and voice for small businesses backed by the strength of the federal government,the SBA empowers entrepreneurs and small business owners with the resources and support they needto start, grow or expand their businesses, or recover from a declared disaster. It delivers services throughan extensive network of SBA field offices and partnerships with public and private organizations. Tolearn more, visit sba.gov.