Print
Banking & Finance

SBA Outlines Direct Loans To Help With Hurricane Damage

By Jenny Callison, posted Oct 5, 2018
Homeowners whose residence suffered damage from Hurricane Florence can apply for a special kind of SBA loan to make repairs to or replace damaged property, an official with the U.S. Small Business Administration said Friday.
 
"We are a direct lender, different from the regular SBA, which makes guaranteed loans through approved lenders," James Rivera, associate administrator for the SBA's Office of Disaster Assistance (ODA), said during a conference call. "We [the ODA] have our own bank, which I run."
 
Rivera said that 90 percent of the loans made through that SBA bank are direct loans to homeowners, especially to those who are uninsured or underinsured to cover their loss. Renters may also apply for a loan to cover loss of personal property.

To be eligible, he pointed out, homeowners and renters must live in a federally designated disaster area. Brunswick, New Hanover and Pender counties, as well as many counties to the west and north in the state, are so designated.
 
"Even if you have insurance, you can apply with us for a loan to get money right away, and we will straighten out the insurance coverage later," Rivera said.
 
Homeowners may apply for up to $200,000 to replace or repair their primary residence; secondary homes or vacation properties are not eligible for assistance, according to the SBA website. The loans may not be used to upgrade homes or make additions, unless required by local building code.
 
"If you make improvements that help prevent the risk of future property damage caused by a similar disaster, you may be eligible for up to a 20 percent loan amount increase above the real estate damage, as verified by the SBA," the website states.

Renters and homeowners may borrow up to $40,000 to replace or repair personal property — clothing, furniture, cars and appliances — damaged or destroyed in a disaster.
 
In addition to the Home and Personal Property Loans, the SBA also makes Business Physical Disaster Loans as well as Economic Injury Disaster Loans to companies whose business is interrupted by natural disaster damage to suppliers and/or vendors.
 
Rivera said that the deadline for applications for Home and Personal Property Loans and for Small Business disaster loans is Nov. 13. The deadline for economic injury loans is June 4, 2019.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Headshot2

The Importance of Establishing a Support System for your Educational Journey

Dani Somers - North Carolina Wesleyan
Img 0801

The 3 Most Important Questions Before You Retire

Brett Tushingham - Tushingham Wealth Strategies
Deedee gasch

Ten Questions with Laurie King, Vice President, Director of Corporate Relations at MCO Transport, Inc.

Deedee Gasch - Cranfill Sumner & Hartzog LLP

Trending News

Cameron Apartment Project Rezoning Request To Come Before Planning Board

Jenny Callison - May 23, 2019

New Tenants Announced For Leland Retail Center

Cece Nunn - May 23, 2019

With More Businesses Opening, South Front District Close To Full Occupancy

Johanna Cano - May 23, 2019

Reprisal Crew Readies For Action In Wilmington

Jenny Callison - May 24, 2019

Local Communications Co-op Offering Wireless Service Again

Johanna Cano - May 24, 2019

In The Current Issue

Trattoria On Market St. Savors Popularity

The eggplant Parmesan is so popular at Rosalie’s Trattoria, the restaurant can’t keep the vegetable in stock, said owner Al Cervini....


Officials Forecast Hot Summer Travel Season

Marketing efforts by the Wilmington and Beaches Convention & Visitors Bureau (CVB), coupled with mended tourist attractions, are behind the...


WAHA Kicks Off Membership Drive

The Wilmington Area Hospitality Association (WAHA) kicked off its annual membership drive May 15 at an event at the Embassy Suites by Hilton...

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`
Transporting the Future - Power Breakfast 3.12.2019
Health Care Heroes 2018