RALEIGH – Today, Gov. Bev Perdue announced that financial assistance is available to help permanent residents and business owners in Dare, Currituck, Hyde and Tyrrell counties who suffered property damage from Hurricane Sandy.
The aid is a result of the Governor’s request for a disaster declaration by the U.S. Small Business Administration.
“Many along our coast have spent the past year recovering from Hurricane Irene only to be impacted by Hurricane Sandy,” Gov. Perdue said. “They need our help to recover and this funding will help do just that.”
Starting on Wednesday, Nov. 14, a U.S. Small Business Administration Disaster Loan Outreach Center will open in Kill Devil Hills to help individuals complete their applications, answer questions about the disaster loan program and explain the application process.
The center is located at the Thomas Baum Senior Center, 300 Mustian St. in Kill Devil Hills. It will be open from 8:30 a.m. to 5 p.m. on weekdays through Monday, Nov. 19, and 10 a.m. to 2 p.m. on Saturday, Nov. 17. The center will be closed Sunday, Nov. 18.
Loans up to $200,000 are available through the SBA to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are also eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
Storm victims in Dare County who do not qualify for a federal loan may be eligible for a state grant of up to a maximum of $30,400 to help pay for housing and other essential needs. The state grants were made available as a result of the Governor’s disaster declaration for Dare County.
Hurricane Sandy edged past the state October 27 through 30, damaging dozens of homes and businesses in Dare County. Damage assessment teams from North Carolina Emergency Management and the SBA helped local officials survey the damage last week. Dare was the only county that met the threshold for a SBA disaster declaration. However, SBA policy enables residents and business owners in contiguous counties to also apply for financial assistance from the federal agency.
Interest rates are as low as 1.688 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.