SBA Offers Low-Interest Loans In Rebuilding NC

The U.S. Small Business Administration says its loans are available to homeowners, renters and businesses of all sizes in North Carolina's storm disaster zone.

The Small Business Administration said Friday interest rates are below three percent for homeowners and renters, three percent for non-profit organizations and four percent for businesses with repayment terms of up to 30 years. Loan amounts and terms are based on each applicant's financial condition.

Homeowners may be eligible for up to $200,000 to repair or replace real estate damaged by Saturday's deadly storms, plus up to $40,000 to repair or replace personal property like vehicles.

Renters may be eligible for loans of up to $40,000 to repair or replace their possessions.

The first step is registering with the Federal Emergency Management Agency.

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