SBA offers disaster loans for businesses impacted by Florence


Applicants may apply for up to $2 million in disaster loans for repair and replacement of damaged property and other business assets.   File photo

In relation to the recent destruction of Hurricane Florence, the federal Small Business Administration (SBA) is offering assistance to residents and businesses in North and South Carolina. 

The disaster declaration enables businesses to apply for disaster loans for physical damages and economic losses brought about by the hurricane.

Applicants may apply for up to $2 million in disaster loans for repair and replacement of damaged property and other business assets. Businesses of all nature and sizes, as well as organizations and cooperatives, can apply for the loan. Interest rates for businesses and nonprofits will be as low as 3.675 and 2.5 percent, respectively. 

Meanwhile, homeowners and renters can apply for disaster loans of up to $200,000 for repair of their damaged property including real estate and automobiles. There will be a 2 percent interest rate for homeowners and renters with up to 30-year payment terms depending on the applicant’s financial capacity. 

For more details about availing a disaster loan, please visit www.DisasterAssistance.gov, or email disastercustomerservice@sba.gov for assistance. 

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