Raleigh, NC– Governor Pat McCrory announced today that financial assistance is available for survivors of the severe storms that struck Stanly and adjoining counties June 13. The aid is a result of the governor’s request for a disaster declaration by the U.S. Small Business Administration.
“This was a significant storm that impacted more than two dozen counties from the mountains to the coast,” Governor McCrory said. “Now many of those homeowners, renters and business owners whose property was damaged or destroyed can apply for low-interest loans or grants to help get back on their feet.”
Governor McCrory sent the request for assistance to the SBA last week. Today he proclaimed a state disaster declaration enabling those who do not qualify for SBA loans to seek state funds to help them recover.
While Stanly was the only county that met the threshold for SBA assistance, residents and business owners in the surrounding counties of Anson, Cabarrus, Davidson, Montgomery, Richmond, Rowan and Union counties can also apply for the federal assistance.
“We’re going to do everything we can to help residents in these communities recover as quickly as possible,” said Department of Public Safety Secretary Kieran Shanahan. “Recovery teams from the SBA and North Carolina Emergency Management will be at the disaster outreach center to help individuals complete their applications, answer questions about the disaster loan program and explain the application process.”
A U.S. Small Business Administration Disaster Loan Outreach Center will open Thursday at the Stanly County Agri-Civic Center at 26032 Newt Road in Albemarle. It will be open from 8 a.m. to 5 p.m. on weekdays through Thursday, July 18, and 9 a.m. to 1 p.m. on Saturday, July 14. The center will be closed Sunday, July 15.
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 nonprofit 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 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.
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.
Severe thunderstorms and damaging winds rolled across the state June 13 killing three people, knocking down trees, damaging homes, blocking roads and causing power outages. Damage assessment teams from North Carolina Emergency Management and the SBA helped local officials survey damage in several areas after the storm. The level of damage did not meet the threshold for financial assistance from the Federal Emergency Management Agency.