Homeowners, renters and businesses that sustained physical damage in Moore and the contiguous counties of Cha-tham, Cumberland, Harnett, Hoke, Lee, Montgomery, Ran-dolph, Richmond and Scotland were declared disaster areas and people are eligible to apply for these disaster loans.
“If you think you are going to get everything you need from your insurance settlement you may be in for a surprise,” said SBA Disaster Area Director Michael C. Allen. “Insurance seldom covers all the costs associated with repairing or replacing property damaged by a disaster. I don’t want anyone to miss out on the additional help SBA can provide through our low-interest disaster loan program.”
SBA offers loans up to $200,000 to repair disaster damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to replace personal property such as furniture and clothing.
Loans to businesses of all sizes and nonprofit organizations are available up to $1.5 million to repair damage to real estate, machinery and equipment and inventory. Economic Injury Disaster Loans (EIDLs) are also available to small businesses unable to pay bills or meet operating expenses because of the disaster.
Interest rates can be as low as 3.187 percent for homeowners and renters and 2.9 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition.
Applications and program information remain available by calling the SBA toll-free at (800) 359-2227. Completed applications should be mailed to: U.S. Small Business Administration, One Baltimore Place, Suite 300, Atlanta, GA 30308.
