Are you a small business owner in North Carolina affected by the flooding and tornadoes that occurred due to the Tropical Depression Chantal? Your business may still be recovering from these storms, which took place in July.
In response to these recent storms, the U.S. Small Business Administration has announced that they will provide rural and urban low-interest disaster loans to businesses, private nonprofits, and homeowners in North Carolina affected by these natural disasters.
If you run a small business or private nonprofit, you can apply for a business physical disaster loan worth up to $2 million. You can use these funds to repair or replace real estate, equipment, inventory, and other assets.
You can also request an additional 20% increase over verified physical damage for mitigation measures. For example, you can use this increase to invest in wind-resistant upgrades and safe rooms. Known as the Economic Injury Disaster Loan program, capital can be provided to address disaster-related financial losses, even without physical damage.
Interest rates on these loans are incredibly low. For business owners, the rate is around 4%. Many of these loans come with 30-year terms and deferred payments for up to 12 months after the loan is dispersed.
You can apply for one of these loans at one of the Disaster Loan Outreach Centers, but you must stop by and fill out your application before they close on August 31, 2025. We encourage you to read through all the details by reading this article. You may also reach out to us at Balanced Bookkeeping of NC for guidance.
