February 6, 2024 at 7:00 p.m.
Disaster Relief Available To Residents, Businesses
NEWTON––Major disaster-relief funds are available for those affected by January’s heavy rainfalls.
Vanessa LeónAccording to Lincoln County Public Information Officer Vanessa León, the United States Small Business Administration (or SBA) is making low-interest disaster loans available to residents and businesses affected by said severe weather in Lincoln, Catawba, Alexander, Burke, Caldwell and Iredell counties. This is in response to a disaster declaration request from North Carolina Governor Roy Cooper.
An SBA Disaster Loan Outreach Center will be open through Feb. 19 at Catawba County Emergency Services, located at 100 Government Drive in Newton, 9 a.m.-6 p.m., Monday-Friday, and 10 a.m.-2 p.m. on Saturdays. The center will permanently close Feb. 19 at 4 p.m. Customer-service representatives will be available at the center to answer questions about the disaster loan program and help people complete their applications.
Loans of up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $100,000 to repair or replace damaged or destroyed personal property. Economic injury disaster loans are also available for businesses that may need working capital due to the disaster, regardless of whether the business suffered any physical property damage. This includes small businesses, small agricultural co-operatives, small businesses engaged in aquaculture and most private nonprofit organizations.
Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, a sump pump, a French drain or a retaining wall to help protect property and occupants from future damage.
Interest rates are as low as four percent for businesses, 3.25 percent for nonprofit organizations and 2.688 percent for homeowners and renters, with terms of up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply via the Internet and receive additional disaster assistance information using the Website at www.sba.gov/disaster. Applicants may also call the SBA Customer Service Center at (800) 659-2955 or send e-mail queries to [email protected] for more information.
The filing deadline to return applications for physical property damage is April 1. The deadline to return economic injury applications is Nov. 1.
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