SBA Disaster Loans Offered to North Carolina Counties Impacted by Tropical Depression Chantal

Breaking News: North Carolina Secures crucial Disaster Aid for Tropical storm Chantal Victims

RALEIGH,NC – thousands of North Carolinians grappling with the aftermath of Tropical Depression Chantal are set to receive vital assistance,following the Small Business Administration’s (SBA) approval of a disaster declaration for eight hard-hit counties. The announcement, made Friday by Governor Josh Stein, marks a meaningful step toward recovery for families and businesses still reeling from the severe flooding caused by the storm.

“This declaration will help families and business owners across central North Carolina who are still reeling from the severe flooding caused by Tropical Storm Chantal,” stated Governor Stein. “I want to thank the Small Business Administration for swiftly approving this request. North Carolinians are resilient and will get through this together.”

The declaration specifically opens avenues for low-interest disaster loans for residents and business owners in Durham, Orange, Alamance, Chatham, Person, and Wake counties. Homeowners and renters can access loans of up to $500,000 to fund necessary repair and construction costs,providing a lifeline for those whose homes were damaged.

Businesses and non-profit organizations are also eligible for ample support, with the SBA making up to $2 million available to help repair or replace damaged property. This funding is critical for the economic revitalization of communities impacted by the storm.

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for individuals and businesses facing disaster-related damage,understanding the request process for SBA loans is paramount. These low-interest loans are designed not only to help rebuild but also to mitigate future losses by incorporating stronger building standards were feasible.

Applicants can submit their loan applications online through the MySBA Loan Portal, a streamlined digital platform designed for efficiency. alternatively, assistance may be available at locally announced locations. It’s advisable for potential applicants to gather all relevant documentation, including proof of property ownership, insurance details, and estimates for repairs, before initiating the application process. Early application is often encouraged to ensure timely access to funds. Resources and detailed eligibility criteria are typically available on the SBA website, offering a clear roadmap for disaster-affected individuals and businesses.

What is the deadline to apply for a Buisness Physical disaster Loan related to Tropical Depression Chantal?

understanding the Disaster Declaration & SBA Assistance

Following the recent impact of Tropical Depression Chantal, several North Carolina counties have been declared eligible for federal disaster assistance through the U.S. Small Business Management (SBA). This declaration unlocks access to low-interest disaster loans designed to help businesses, homeowners, and renters recover from the storm’s effects. These SBA disaster loans aren’t just for small businesses; they’re a vital resource for anyone affected by the declared disaster.

Eligible North Carolina Counties

As of July 27, 2025, the following North Carolina counties are currently eligible for SBA disaster assistance:

Beaufort County

Carteret County

Craven County

Dare County

Hyde County

Pamlico County

This list is subject to change as further damage assessments are completed. Residents and business owners in adjacent counties may also become eligible.Check the official SBA disaster assistance website (sba.gov/disaster) for the most up-to-date data on eligible counties. North Carolina disaster relief efforts are being coordinated through state and federal agencies.

Types of SBA Disaster Loans Available

The SBA offers several types of disaster loans to address different needs. Understanding which loan is right for you is crucial.

Business Physical Disaster Loans: These loans provide funding to repair or replace damaged or destroyed physical property – buildings, machinery, equipment, inventory, and other business assets.Loan amounts can reach up to $2 million.

Economic Injury Disaster Loans (EIDL): Even if your physical property wasn’t damaged, you might potentially be eligible for an EIDL. These loans help small businesses meet working capital needs caused by the disaster. This can include covering operating expenses while your business recovers.EIDL amounts are capped at $2 million.

Home Disaster Loans: Homeowners are eligible for loans to repair or replace damaged or destroyed real estate. These loans can cover structural damage, essential systems (HVAC, plumbing, electrical), and personal property.

Renter’s Disaster Loans: Renters can apply for loans to replace damaged or destroyed personal property.

Loan Details: Interest Rates & Terms

SBA disaster loans offer favorable terms compared to many traditional loans.

Interest Rates: Current interest rates are steadfast by the SBA and vary based on the type of loan and the applicant’s creditworthiness. As of July 2025, rates are approximately:

Businesses: 4.05%

Homeowners: 3.75%

Renters: 3.75%

Loan Terms: repayment terms vary depending on the loan amount and the borrower’s ability to repay. Terms can extend up to 30 years for real estate loans.

No Down payment: Generally,SBA disaster loans do not require a down payment.

How to Apply for an SBA Disaster Loan

The application process is straightforward, but requires documentation.

1. Register with FEMA: Before applying for an SBA loan, you must register with the Federal Emergency management Agency (FEMA) at disasterassistance.gov. This helps streamline the disaster relief process.
2. apply Online: The fastest way to apply is online through the SBA’s Secure Disaster Loan Application portal: disasterloan.sba.gov.
3. Gather Documentation: You’ll need to provide documentation to support your application, including:

Tax returns (for businesses and individuals)

Proof of ownership or lease

Insurance policies

Damage assessments/estimates

Financial statements (for businesses)

1. Submit Your Application: Follow the instructions on the SBA website to submit your completed application and supporting documents.

Key Dates & Deadlines

Application Deadline: The deadline to apply for physical disaster loans is typically six months from the date of the disaster declaration. The deadline for EIDLs is nine months.Its crucial to apply before the deadline.

Disaster Declaration Date: The initial disaster declaration for Tropical Depression Chantal was issued on july 15, 2025.

benefits of SBA Disaster Loans

Low Interest Rates: Substantially lower than commercial loan rates.

Long Repayment Terms: Provides manageable monthly payments.

No Prepayment Penalties: You can pay off the loan early without incurring penalties.

Accessibility: Designed to help those who may not qualify for traditional financing.

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