The U.S. Small Business Administration has announced that certain Private NonProfit organizations in North Carolina may be eligible to apply for low-interest rate disaster loans. These loans are available following a Presidential disaster declaration for Public Assistance resulting from damages caused by Hurricane Florence. Yancey County is the only county in our area that is eligible. Examples of eligible non-critical private non-profit organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools, colleges and houses of worship. The organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The interest rate is 2.5 percent with terms up to 30 years. Applicants may be eligible for a loan amount increase 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 to help protect property and occupants from future damage caused by a similar disaster. The SBA also offers Economic Injury Disaster Loans to these organizations to help meet working capital needs, such as ongoing operating expenses. Economic Injury Disaster Loan assistance is available regardless of whether the organization suffered any physical property damage. Organizations meeting these qualifications are urged to contact the County Emergency Manager for information.
