Charlotte, NC – The U.S. Small Business Administration (SBA) will be setting up shop here on Saturday to begin accepting applications for low-interest disaster loans for those affected by last month's tropical storm. Eligible applicants include home owners, business owners, or agricultural cooperative owners in Mecklenburg County whose losses are not already covered by insurance or other compensation.
Types of loans available include:
Home Disaster Loans – Loans to home owners or renters to repair or replace disaster damaged real estate or personal property owned by the victim. Renters are eligible for their personal property losses, including automobiles.
Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Nonprofit organizations such as charities, churches, private universities, etc., are also eligible.
Economic Injury Disaster Loans (EIDL) – Loans for working capital to small businesses and small agricultural cooperatives to assist them through the disaster recovery period. EIDL assistance is only available to applicants and their owners who cannot provide for their own recovery from non-government sources. Farmers, ranchers, nurseries, religious and nonprofit organizations are not eligible for an EIDL.
If a loan application is approved, victims may also be eligible for additional funds to cover the cost of improvements that will protect property against future damage. Examples of improvements include retaining walls, sump pumps, etc.
Applicants must have a credit history acceptable to SBA, must show the ability to repay all loans, and collateral is required for physical loss loans over $10,000 and all EIDL loans over $5,000. SBA accepts real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but requires you to pledge what is available. In case an applicant does not qualify for an SBA loan, storm victims may be eligible for funds from a State of North Carolina grant program.
SBA representatives with loan applications will be available at the Mecklenburg County Hal Marshall Services Center Annex, located at 618 N. College St. in Charlotte, on Saturday, September 6 from 8 a.m. to 9 p.m.; Sunday, September 7 from noon to 6 p.m.; then Monday through Friday the following week from 8 a.m. to 6 p.m. or until SBA determines that all applications have been processed. Applicants may apply in person at the Hal Marshall Annex, or online at
http://www.sba.gov, or may request a mailed application or more information by calling 704-432-1898, or SBA at 1-800-659-2955 from 8 a.m. to 9 p.m. Mon - Fri and 9 a.m. to 6 p.m. Saturday and Sunday. Filing deadline for physical damage is Nov. 3, 2008; for economic injury, filing deadline is June 4, 2009.
Charlotte-Mecklenburg Emergency Management