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Small Business Association approves disaster loans for NC businesses

The United States Small Business Administration has approved an a disaster declaration for the state of North Carolina, opening the way for business owners affected by COVID-19 to apply for low-interest loans.

Economic Injury Disaster Loans are available up to $2 million, with an interest rate of 3.75% for small businesses and 2.75% for non-profits. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. Applications can be made at disasterloan.sba.gov/ela

For additional information, visit SBA.gov/disaster. For questions, contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.