Small business owners in Rowan County and 92 other counties across North Carolina have until Jan. 24 to apply for low-interest U.S. Small Business Administration loans to help with economic losses from the hard freeze that hit the state April 6-9, 2007.
The Small Business Administration made the assistance available after the U.S. Department of Agriculture approved Gov. Mike Easley’s request for a disaster declaration due to crop losses estimated at close to $100 million.
“Last year was a tough one with the Easter freeze and high winds in April, followed by the drought that is still ongoing,” Easley said in a press release. “While we are still waiting on Washington to pass an aid bill for farmers, I want to make sure small businesses who need help can apply for this assistance.”
The Small Business Administration’s Economic Injury Disaster Loan program is available to farm-related and non-farm-related small businesses and small agricultural cooperatives that suffered economic injury as a direct result of the freeze. Businesses in all North Carolina counties except Cherokee, Clay, Currituck, Graham, Granville, Pamlico and Vance are eligible to apply.
Since farmers and ranchers are eligible to apply for U.S. Department of Agriculture disaster assistance, they are not eligible to apply to the Small Business Administration.
Eligible small businesses may qualify for loans up to $1.5 million at a 4 percent interest rate with terms up to 30 years. The Small Business Administration determines eligibility for the program based on the size and type of business and its financial resources.
Interested business owners can contact the Small Business Administration’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing-impaired), Monday through Friday from 8 a.m. to 9 p.m.; and Saturday and Sunday from 9 a.m. to 3 p.m.
Business loan applications can also be downloaded from the agency’s Web site at www.sba.gov/services/disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.