Lincoln County has been notified that Catawba, Alexander, Burke, Caldwell, Iredell and Lincoln Counties in North Carolina have received a Small Business Administration (SBA) declaration for flood damage resulting from the flash flooding of July 27, 2013.
The SBA assists individuals and families who have experienced damage to their home or personal property and may be eligible for financial assistance from the SBA even if they do not own a business. Homeowners, renters and/or personal property owners in Lincoln County may apply to the SBA for a loan to help them recover from a disaster.
In addition, the SBA Business Physical Disaster Loan program covers disaster losses for businesses not fully covered by insurance including machinery, equipment, pictures, real property, and inventory.
“We are fortunate that Catawba County’s request for an SBA Disaster Loan Declaration has been approved,” said Martha Lide, Lincoln County Manager. “The declaration was made after damage assessors from the SBA and North Carolina Emergency Management toured the damaged areas within Catawba County on July 31, 2013. The joint assessment demonstrated that Catawba County had at least 25 homes or 25 businesses (or combination) with uninsured losses of 40 percent or more of the estimated fair replacement value or pre-disaster fair market value, whichever is lower, which is the threshold for the declaration.” said Karyn Yaussy, Catawba County Emergency Management Coordinator
Homeowners may apply for up to $200,000 to replace or repair their primary residence. Renters and homeowners may borrow up to $40,000 to replace or repair personal property, such as clothing, furniture, cars and appliances, damaged or destroyed in a disaster. Residents with damage to driveways may be eligible to apply for US SBA assistance.
Businesses that have experienced damage may also be eligible for financial assistance from the SBA. Businesses of any size and most private nonprofit organizations may apply to the SBA for a loan to recover after a disaster.
“Lincoln County is still patiently waiting to hear whether Governor Patrick McCrory is going to grant a State Disaster Declaration for Individual Assistance, which will provide much needed support to individuals and families in the form of grants that help homeowners or
renters replace their personal property, rent temporary housing, repair or replace their houses and pay for any related medical or dental expenses,” Lide added. “The County will coordinate with Catawba County set up a disaster recovery center for residents to apply for assistance if our request for Type I disaster relief is approved. Catawba County has indicated that there would be a phone application process for those who can’t get to the designated office.”
For the complete News Release including where and when to apply for SBA loans, click Lincoln County Receives United States Small Business Administration Disaster Loan Declaration-Lincoln County Press Release.
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