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Low-interest loans available to tornado victims

Posted November 21, 2008

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— The U.S. Small Business Administration is offering low-interest loans to victims of last Saturday's tornadoes, the governor announced Friday.

Gov. Mike Easley had requested the loans after a tour of the storm zone on Monday.

Homeowners and renters in Johnston, Franklin, Harnett, Nash, Sampson, Wake, Wayne and Wilson counties can apply for up to $200,000 to fund repairs to storm-damaged properties. Businesses and non-profit organizations may borrow up to $2 million to replace or repair property or equipment.

The SBA will staff two Disaster Loan Outreach Centers to help people apply for the loans.

In Johnston County, loan applicants can go to the Kenly Fire Department at 101 W. First St. In Wilson County, applicants can go to Wilson County Rescue at 1902 S. Tarboro St. Both centers opened Friday at 3 p.m. and will be open Monday, Tuesday and Wednesday, from 9 a.m. to 6 p.m., each week until further notice.

Loan rates are based on an each applicant's financial situation, with interest beginning at from 2.67 percent and terms of up to 30 years.

Loan information and applications are also available:

  • By phone: Call 1-800-659-2955 (1-800-877-8339 for the hearing impaired), Monday through Friday from 8 a.m. to 9 p.m., and Saturday and Sunday 9 a.m. to 9 p.m.
  • E-mail: disastercustomerservice@sba.gov.
  • Web: https://disasterloan.sba.gov/ela/

Completed loan applications should be mailed to:
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX. 76155.

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  • commonsensical Nov 21, 2008

    Why would these people even need these loans if they have been paying for insurance to cover their property? I'm tired of subsidizing others for their failure to protect their financial interests. Where's MY low interest loan for living within my means and paying my bills on time?

  • CrewMax Nov 21, 2008

    Finally a loan scheme that I can agree with.