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Cabarrus Magazine

Financial Assistance Available for Cabarrus Storm Victims

Jul 11, 2013 10:23AM ● By Jason Huddle
CONCORD — Although the rain in Cabarrus seems like it is never going to stop, some people will be able to take relief in the fact that financial help could be on the way. Governor Pat McCrory has announced that financial assistance is available for survivors of the severe storms that struck Stanly and adjoining counties, including Cabarrus, June 13. The aid is a result of the governor’s request for a disaster declaration by the U.S. Small Business Administration. Governor McCrory sent the request for assistance to the SBA last week. Today he proclaimed a state disaster declaration enabling those who do not qualify for SBA loans to seek state funds to help them recover. While Stanly was the only county that met the threshold for SBA assistance, residents and business owners in Cabarrus and other surrounding counties, including Anson, Davidson, Montgomery, Richmond, Rowan and Union, can also apply for the federal assistance.

Cabarrus County residents and business owners affected by the storms must apply for assistance through the U.S. Small Business Administration Disaster Loan Outreach Center at the Stanly County Agri-Civic Center (26032 Newt Road, Albemarle). Beginning Thursday, the center will operate from 8 a.m. to 5 p.m. on weekdays through Thursday, July 18, and 9 a.m. to 1 p.m. on Saturday, July 14. The center will be closed Sunday, July 15. Individuals and businesses unable to visit the center can apply via the SBA Customer Service Center at 800-659-2955 or apply online. Members of the deaf and hard-of-hearing community can call 800-877-8339.

Loans up to $200,000 are available through the SBA to homeowners to repair or replace damaged or destroyed structures. Homeowners and renters also are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property such as clothing, appliances, etc. Storm victims in the designated counties who do not qualify for a federal loan may be eligible for a state grant.

Businesses and nonprofit organizations may borrow up to $2 million for physical damage. Working capital loans are also available to small businesses and most private non-profit organizations.

Interest rates are as low as 1.875 percent for homeowners and renters, 2.875 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Severe thunderstorms and damaging winds rolled across the state June 13 killing three people, knocking down trees, damaging homes, blocking roads and causing power outages. Damage assessment teams from North Carolina Emergency Management and the SBA helped local officials survey damage in several areas after the storm. The level of damage did not meet the threshold for financial assistance from the Federal Emergency Management Agency.

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