SBA Economic Injury Application Deadline for the Landslide in North Carolina is August 24

ATLANTA--(BUSINESS WIRE)--The U.S. Small Business Administration is reminding businesses in North Carolina that Economic Injury Disaster Loans are still available to small businesses and non-profit organizations of all sizes economically impacted by the landslide on Interstate 40 that occurred on October 25, 2009.

“Businesses and non-profit organizations 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 Aug. 24 deadline”

“Businesses and non-profit organizations 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 Aug. 24 deadline,” said Frank Skaggs, director of SBA Field Operations Center East in Atlanta.

Small businesses and non-profit organizations of all sizes in the following counties are eligible to apply: Buncombe, Haywood, Henderson, Jackson, Madison, Swain and Transylvania in North Carolina; Cocke and Sevier in Tennessee.

Loans are available up to $2 million for small businesses and non- profit organizations that suffered substantial economic injury from the disaster. 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.

The interest rates on these loans are 3 percent for non-profit organizations and 4 percent for business, with a maximum term of 30 years. The SBA determines the amount of economic injury and the terms of each loan based on the financial circumstances of each borrower. The SBA determines eligibility for the program based on the size and type of business and its financial resources.

To obtain a loan application, interested business owners and organizations should contact the SBA’s Customer Service Center by calling 800-659-2955 (800-877-8339 for people with speech or hearing disabilities) Monday through Friday from 8 a.m. to 6 p.m. EDT, or by sending an e-mail to [e-mail]. Business disaster loan applications can also be downloaded from www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Victims may visit the SBA’s secure website at https://disasterloan.sba.gov/ela/ to apply for disaster loans.

The deadline for economic injury applications is August 24, 2010.

For more information about the SBA’s Disaster Loan Programs, visit our website at www.sba.gov.

Release Number: 10-612, NC 11937