SBA Offers Disaster Assistance to North Carolina Residents Affected By the Severe...

SBA Offers Disaster Assistance to North Carolina Residents Affected By the
Severe Storms and Flooding

WASHINGTON, Sept. 5 /PRNewswire-USNewswire/ -- North Carolina residents and
businesses affected by the severe storms and flooding from the remnants of
Tropical Storm Fay that occurred on August 26 - 27, 2008 can apply for
low-interest disaster loans from the U.S. Small Business Administration, SBA
Acting Administrator Sandy K. Baruah announced today.

Acting Administrator Baruah made the loans available following a letter from
North Carolina Governor Michael F. Easley on August 29, requesting 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
the State of North Carolina and Lancaster and York counties in the State of
South Carolina.

"The US Small Business Administration is strongly committed to providing the
most effective and customer-focused response possible to assist homeowners,
renters, and businesses of all sizes with federal disaster loans," said Acting
Administrator Baruah. "Getting our businesses and communities up and running
after a disaster is our highest priority at SBA."

"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," said Skaggs.

The Center will be located in the following community and will open as
indicated:

Cabarrus County
Old Cabarrus County Sheriff's Office
25 Corban Avenue
Concord, NC 28025
Opening: Saturday, September 6, 2008

Hours: Monday - Friday, 8 a.m. to 5 p.m.
Saturday, September 6, 8 a.m. to 5 p.m.
(One Saturday Only)
Open until further notice

Mecklenburg County
Hal Marshall Annex
618 N. College Street
Charlotte, NC 28202
Opening: Saturday, September 6, 2008

Hours: Monday - Friday, 8 a.m. to 5 p.m.
Saturday, September 6, 8 a.m. to 5 p.m.
(One Saturday Only)
Open until further notice

Lee Cornelison, SBA's North Carolina District Director added that
"Low-interest Federal disaster loans are available to homeowners, renters,
businesses and non-profit organizations of all sizes whose property was
damaged or destroyed by the severe storms and flooding."

Businesses and non-profit organizations of any size may borrow up to $2
million to repair or replace damaged or destroyed real estate, machinery and
equipment, inventory, and other business assets. The SBA also offers
mitigation loans to disaster victims up to 20 percent of the verified physical
damage. These funds are designed to help borrowers pay for protective
measures to minimize damages of the same kind in the future.

For small businesses, and most private, non-profit organizations of all sizes,
the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working
capital needs caused by the disaster. EIDL assistance is available regardless
of whether the business suffered any physical property damage.

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.

Individuals and businesses unable to visit the Center in person may obtain
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. EDT, or by
emailing our customer service center at disastercustomerservice@sba.gov.
Business loan applications can also be downloaded from the SBA website at
www.sba.gov/services/disasterassistance. Completed applications should be
returned to the Center or mailed to: U.S. Small Business Administration,
Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX.
76155.

Victims may apply for disaster loans from SBA's secure Web site at
https://disasterloan.sba.gov/ela/.

The filing deadline to return applications for physical property damage is
November 3, 2008. The deadline to return economic injury applications is June
4, 2009

For more information about the SBA's Disaster Loan Programs, visit our website
at www.sba.gov/services/disasterassistance.

SOURCE U.S. Small Business Administration

Michael Lampton of the U.S. Small Business Administration, +1-404-331-0333