Local News

Loans available for Sandy victims on NC coast

Posted November 9, 2012 12:53 p.m. EST

Hurricane Sandy flooded parts of Cape Hatteras National Seashore on the Outer Banks Sunday. Photo by Donny Bowers

— The U.S. Small Business Administration is providing low-interest loans to victims of Hurricane Sandy in North Carolina, officials said Friday.

The loans are available to homeowners and businesses in Dare, Currituck, Hyde and Tyrrell counties who suffered property damage from the storm.

An SBA Disaster Loan Outreach Center will open Wednesday in Kill Devil Hills to explain the loan application process, answer questions and help people complete their applications. The center will be at the Thomas Baum Senior Center, 300 Mustian St., and will be open from 8:30 a.m. to 5 p.m. weekdays through Nov. 19, and from 10 a.m. to 2 p.m. on Saturday, Nov. 17.

Loans of up to $200,000 are available 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.

Dare County was the only North Carolina county that met the threshold for a SBA disaster declaration, but the agency's policy enables residents and business owners in contiguous counties to also apply for financial assistance.

Storm victims in Dare County who don't qualify for a federal loan might be eligible for a state grant of up to $30,400 to help pay for housing and other essential needs. The state grants were made available as a result of Gov. Beverly Perdue's disaster declaration for the county.