Gov. Pat McCrory announced today that financial assistance is available for survivors of the severe storms and floods that struck the Triangle area ten days ago. On July 16, a summer squall swept across the central part of the state dumping two to nine inches of rain within several hours. Durham and Smithfield reported two inches of rain, while Clayton, Louisburg and Tarboro all received about four inches. The heaviest amounts of rainfall were reported in Cary (5.5 to 7.5 inches) and Rocky Mount (nine inches). The aid is a result of the governor’s request for a disaster declaration by the U.S. Small Business Administration.
“For some areas, the amount of rain they saw that night rivaled hurricane amounts,” Gov. McCrory said. “Now many of those homeowners, renters and business owners whose property was damaged or destroyed can apply for low-interest loans to help them get back on their feet.”
Gov. McCrory sent the request for assistance to the SBA last Thursday. The SBA declaration opens the door for possible state financial assistance.
While Durham was the only county that met the threshold for SBA assistance due to the extent of damage there, residents and business owners in the surrounding counties of Chatham, Granville, Orange, Person and Wake counties can also apply for the federal assistance.
“We want to help these families recover as quickly as possible,” said Public Safety Secretary Frank L. Perry. “Recovery teams from the SBA and North Carolina Emergency Management will be at the disaster loan outreach center to help individuals complete their applications, answer questions about the disaster loan program, and explain the application process.”
A U.S. Small Business Administration Disaster Loan Outreach Center will open at noon on Thursday, July 28, at the Fayetteville Street Elementary School, 2905 Fayetteville Street in Durham.
It will be open the following days:
Opening: Thursday, July 28, 2016
12 p.m. (noon) to 7 p.m.
Days: Weekdays
Hours: 10 a.m. to 7 p.m.
Saturday, July 30, 2016
10 a.m. to 2 p.m.
Closed: Sunday, July 31, 2016
Last Day: Thursday, August 4, 2016
10 a.m. to 4 p.m.
Loans up to $200,000 are available through the SBA to homeowners to repair or replace damaged or destroyed structures. Homeowners and renters also are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property such as clothing, appliances, etc.
Businesses and non-profit organizations may borrow up to $2 million for physical damage. Working capital loans are also available to small businesses and most private non-profit organizations.
Interest rates are as low as 1.625 percent for homeowners and renters, 2.625 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Individuals and businesses unable to visit the center can apply via the SBA Customer Service Center at 800-659-2955 or apply online at https://disasterloan.sba.gov/ela. Members of the deaf and hard-of-hearing community can call 800-877-8339.
Severe thunderstorms and damaging winds rolled across the Piedmont the evening of July 16 flooding homes and roads, catching people off guard. Damage assessment teams from North Carolina Emergency Management and the SBA helped local officials survey damage in several areas after the storm. The level of damage did not meet the threshold for financial assistance from the Federal Emergency Management Agency.
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Contact: Clyde Roper, 919-733-5027