Small Business Administration Approves Flood Repair Loans

By Michael Papich Posted July 17, 2013 at 3:25 pm

ORANGE COUNTY – After reviewing the damage to our local area, the Small Business Administration has approved Orange County’s disaster declaration.

This declaration gives county residents the ability to request small interest rate loans from the SBA to rebuild their communities. Loans can go up to $200,000 for damaged or destroyed structures and up to $40,000 for damaged or destroyed personal property.

Businesses and small businesses can borrow up to $2 million for physical damage.

Residents in Alamance, Caswell, Chatham, Durham and Person counties can also apply for the loans.

For residents who do not qualify for an SBA loan, there are still state loans available for post-flood repairs.

The SBA’s loan center will be open on Friday, July 19 at noon at University Mall on S. Estes Drive. It will be open from noon to 6 p.m. that Friday, then 10 a.m. to 2 p.m. on Saturday. The Monday through Thursday times are from 9 a.m. to 6 p.m. The center is not open on Sunday and it will not be open on Thursday, July 25.

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