Disaster aid approved in wake of NC tornadoes
Posted May 15, 2014
Raleigh, N.C. — The U.S. Small Business Administration and Gov. Pat McCrory issued disaster declarations Thursday for eastern North Carolina counties hit by tornadoes last month. The declarations free up recovery aid for businesses and homeowners.
People can start applying for aid on Friday.
Eight tornadoes raked across eastern North Carolina on April 25, and one in Chowan County killed an 11-month-old boy. More than 325 homes and buildings were damaged or destroyed by the storms, with Beaufort County bearing the brunt of the damage.
The disaster declarations cover Beaufort, Pasquotank and Perquimans counties, as well as any adjacent counties.
The SBA declaration means that homeowners can apply for low-interest federal loans of up to $240,000 to repair or replace their homes and some personal belongings. Renters can apply for up to $40,000 to replace personal belongings, and business owners can seek up to $2 million for business property losses.
"Families and small-business owners can take some encouragement that they will have a financing element to help replace some of their losses and begin rebuilding in earnest," McCrory said in a statement.
His disaster declaration will enable anyone who doesn't qualify for an SBA loan to seek state funds to help repair and replace personal property.