WASHINGTON: Low-interest Economic Injury Disaster Loans (EIDLs) from the U.S. Small Business Administration (SBA) are available to North Carolina small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations affected by the gas leak explosion on April 10, 2019.
Acting SBA Administrator Christopher Pilkerton made the loans available in response to a letter from Gov. Roy Cooper on April 19, 2019, requesting a disaster declaration by the SBA. The declaration covers Durham County and the adjacent counties of Chatham, Granville, Orange, Person and Wake in North Carolina.
“The SBA is strongly committed to providing the people of North Carolina with the most effective and customer-focused response possible to assist small businesses with federal Economic Injury Disaster Loans,” said Pilkerton. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
“The SBA can help affected small businesses and nonprofit organizations overcome their economic losses by offering working capital loans, but the help cannot start until they submit an SBA disaster loan application to us,” added SBA’s North Carolina Acting District Director Michael Arriola.
Eligible entities may qualify for loans up to $2 million. The SBA offers economic injury loans to help meet working capital needs caused by the disaster. The rates on theses loan are 4 percent for small businesses and 2.75 percent for nonprofit organizations with terms up to 30 years. Eligibility for these working capital loans are based on the size and type of business and its financial resources. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov. Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov. Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to return economic injury applications is Jan. 30, 2020.