The U.S. Small Business Administration is reminding businesses in North Carolina that Economic Injury Disaster Loans (EIDLs) are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations affected by Tropical Storm Eta on November 12, 2020. The application deadline is September 7.
Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the deadline. The declaration covers the counties of Alexander, Caldwell, Catawba, Iredell and Wilkes in North Carolina.
The loan amount can be up to $2 million with interest rates of 3 percent for small businesses and 2 percent for private nonprofit organizations, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. 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.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration # 16806, not for the COVID-19 incident.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to DisasterCustomerService@sba.gov. Loan applications can be downloaded from sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.[News release from Gary Herman, Alexander County Public Information Officer]