Gov. Bev Perdue announced this week that the U.S. Small Business Administration has agreed to provide low-interest government loans to help eligible homeowners and businesses in Dare and Hyde and some other coastal counties cover losses and normal operating expenses from a northeaster that struck Nov. 10-15.


“The remnants of Hurricane Ida caused significant loss and damage to businesses and homeowners on our northern coast,” said Perdue, who had requested the SBA loans. “These federally-backed loans will provide needed relief and help our people and communities recover from their losses.”

State Senate President Pro Tempore Marc Basnight of Dare County said, "I am hopeful that this federal declaration will assist our community in its recovery. Anything would be helpful to people who have already lost so much."

"This is good news for the people and businesses that have suffered and lost so much. I applaud Gov. Perdue for moving quickly to obtain assistance that will help our people put their lives back together," said Rep. Tim Spear.

More than 25 homeowners and businesses were significantly impacted by the storm.  The SBA declared Dare County a disaster area as a result of the storm.  Under SBA rules, homeowners and businesses in Currituck, Hyde, and Tyrrell counties that also suffered losses may be eligible for assistance.

Interested homeowners and businesses in the impacted area can meet with SBA representatives beginning next week at Disaster Assistance Centers located at the Nags Head Town Hall, 5401 South Croatan Highway in Nags Head and the Swan Quarter Government Center, 30 Oyster Creek Road in Swan Quarter.  The centers will operate Tuesday through Friday, Dec. 8-11, from 8 a.m. to 5 p.m.; Saturday, Dec. 13, 9 a.m. to 1 p.m.; and Monday to Tuesday, Dec. 14-15, 8 a.m. to 5 p.m.

SBA’s Economic Injury Disaster Loan (EIDL) program provides loans to help business owners pay bills when their businesses are not producing income. The EIDL is available even if the business did not suffer physical damage. Loans are available only to applicants determined by SBA to have no credit available elsewhere. All Economic Injury Disaster Loans are made at the 4 percent interest rate with terms up to 30 years. Small businesses may borrow up to $2 million, but specific amounts and terms are set by the SBA based on each applicant’s financial condition.

Business owners can also contact SBA’s Customer Service Center by calling 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 from 9 a.m. to 5:30 p.m.  Loan applications can also be downloaded from the SBA’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.  Completed loan applications must be returned to SBA no later than Feb. 1, 2010 for physical damage (homes, personal property, businesses) and Sept. 2, 2010 for economic injury.

Small businesses, small agriculture cooperatives, and most private non-profit organizations affected by the disaster will need to submit to the Small Business Administration:

    * A completed SBA Disaster Loan Application (form 5), and
    * IRS Tax Information Authorization (Form 8821).

Additional information that may be submitted at a later date includes:

    * Most recent three years of federal income tax returns
    * Monthly sales
    * Current personal financial statement
    * Balance sheet
    * Profit and loss statement

Click Here To View the Small Business Administration Fact Sheet on Disaster Loans