Hurricane recovery loans available from U.S. Small Business Administration

Dec. 29--With a new year approaching, members of the U.S. Small Business Administration are looking forward to providing financial assistance for Hurricane Matthew and its damage through Sampson County.

The U.S. Small Business Administration (SBA) is encouraging businesses of any size, private nonprofit organizations, homeowners and renters to apply for a loan before the Jan. 9, 2017 deadline.

Sandra Lawson, public affairs specialist, reported that there's still opportunities and options to apply. She said it may take about 21 days and after information is submitted and processed, SBA officials will notify applicants of approval or denial.

"We're trying to encourage people to apply if they haven't already," Lawson said. "It's a pretty quick turnaround."

Under a declaration from President Barack Obama, Sampson County was one many counties in North Carolina with major damage from the storm. Some of the others include Bladen, Cumberland and Duplin. Anyone in the declared counties with damage caused by damage from Oct. 4 through Oct. 24 are eligible to apply for the disaster recovery loan program.

Lawson stressed that SBA not only helps businesses, but others groups such as nonprofit groups, renters and homeowners.

"Lot's of groups can apply for help," she said. "For renters, we know they don't own the property, but they may have lost personal property like their new vehicle or maybe contents like furniture or possessions."

Loans are available up to $200,000 for homeowners and $40,000 for renters. Businesses of all sizes may apply for physical damages up to $2 million for damages related to real estate, inventory, equipment, etc. The same amount is also available for working capital. No physical damage necessary to qualify.

Interest rates are low as 4 percent for businesses, 2.62 percent for private nonprofit organizations and 1.56 percent for homeowners and renters. Loan terms can be up to 30 years.

Request to borrow money and interest rates may vary. Every case is determined on an individual basis. The process will include a credit check and determining if the applicant can repay the loan.

"The normal financial scrutiny will take place, but these are affordable interest rates which are lower than the norm," she said. "That's why we're giving people these options to consider these things when they're getting back on their feet."

The SBA does no duplicate payments for needs already covered by insurance companies, Federal Emergency Management Agency (FEMA).

"It's the things that you still need help with that were damaged as a result of the hurricane," Lawson said about SBA help.

To be considered for all forms of disaster assistance, applicants should register online at www.DisasterAssistance.gov or download the FEMA mobile app. If the online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.

Disaster loan information and application forms may also be obtained by calling the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.

Loan applications can be downloaded from www.sba.gov/disaster. Completed applications can be returned to a recovery center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to submit applications for physical property damage is Jan. 9, 2017. The deadline for economic injury applications is July 10, 2017.

Reach Chase Jordan at 910-249-4617. Follow us on Twitter at @SampsonInd and like us on Facebook.

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