Federal loans available for flood damage starting today

Saturday, September 06, 2008 3:00 AM  |  Printer friendly version | E-mail to a friend | Staff report

Residents of Cabarrus, Rowan and Stanly counties who had flood damage last week are eligible for low interest federal disaster loans.

Small Business Administration Acting Administrator Sandy K. Baruah announced the loans are available after a letter from Gov. Mike Easley requested a disaster declaration by the SBA.

The declaration covers Cabarrus and Mecklenburg and the adjacent counties of Gaston, Iredell, Lincoln, Rowan, Stanly and Union in North Carolina and Lancaster and York counties in South Carolina.

"Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate," said Frank Skaggs, director of SBA's Disaster Field Operations Center in Atlanta.

Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property. "The SBA's customer service representatives will be on hand at the Disaster Loan Outreach Center to issue loan applications, answer questions about the SBA's disaster loan program, explain the application process and help individuals complete their applications," he said.

The Cabarrus County center is at the Old Cabarrus County Sheriff's Office at 25 Corban Ave., Concord, and will be open starting today, from 8 a.m. to 5 p.m.

Regular hours will be Monday through Friday, 8 a.m. to 5 p.m.

Lee Cornelison, SBA's North Carolina district director, said, "Low-interest federal disaster loans are available to homeowners, renters, businesses and nonprofit organizations of all sizes whose property was damaged or destroyed by the severe storms and flooding."

Interest rates are as low as 2.875 percent for homeowners and renters, and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based upon each applicant's financial condition.

You can also get information and loan applications by calling the SBA's Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing impaired), Monday through Friday from 8 a.m. to 9 p.m., Saturday and Sunday 9 a.m. to 6 p.m.

You can also e-mail requests to disastercustomerservice@sba.gov.