CAROLINA BEACH & KURE BEACH, N.C. (WECT) -The U.S. Small Business Administration (SBA) announced several North Carolina businesses and residents affected by severe storms and flooding that occurred Sept. 16–20 are eligible to apply for low-interest disaster loans,
The loans were made available in response to a letter from Governor Roy Cooper on Oct. 15 requesting a disaster declaration by the SBA.
The declaration includes Brunswick, Columbus, New Hanover and Pender Counties.
“The SBA is strongly committed to providing the people of North Carolina with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said SBA Administrator Isabel Casillas Guzman. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
Disaster Loan Outreach Centers (DLOCs) will be available to help complete someone’s disaster loan application, accept documents, and provide updates on an application’s status. The hours of operation for the Centers are as follows:
The DLOC at Brunswick County will open on Saturday, Oct. 19 from 11 a.m, to 2 p.m. at the Town Creek Community Building in Winnabow.
Then, their hours of operation are Monday – Friday, 9 a.m. to 6 p.m., and Wednesday, Oct. 30 from 9 a.m. to 5 p.m. Saturdays will be open from 10 a.m. to 2 p.m. The DLOC will close on Friday, Nov. 1 at noon.
The DLOC in New Hanover County is at the Carolina Beach Town Hall. Hours of operations are weekdays 9 a.m. to 6 p.m. and Saturdays from 10 a.m. to 2 p.m. It will permanently close on Monday, Oct. 28 at 4 p.m.
Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Disaster Loan Outreach Center in advance.
Businesses and private nonprofit organizations can borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations can receive Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster.
Loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $100,000 to repair or replace damaged or destroyed personal property.
“I encourage people to look into it,” said Carolina Beach resident Barabara Smith. Smith’s home was badly damaged during PTC 8. “It’s been a very positive experience here today, people are very professional very courteous, and very helpful,” she added.
“Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage,” SBA wrote in a press release.
“…Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.813% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition,” said Guzman.
To learn more and apply, visit their website or call SBA’s Customer Service Center at (800) 659-2955 or email here. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return applications for physical property damage is Dec. 16. The deadline to return economic injury applications is July 15, 2025.
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