NORTH CAROLINA (WAVY) — Businesses, organizations and residents in North Carolina have until December to submit disaster loan applications for flood damage caused by the remnants of Tropical Storm Julia.
Areas across northeast North Carolina and Hampton Roads were ravaged by flooding and heavy rain from Julia in late September. The storm dropped as much as 17 inches of rain over a 72-hour period in areas of North Carolina.
The flooding prompted Gov. Pat McCrory to declare a state of emergency in 11 counties. The states of emergency have since been lifted.
The U.S. Small Business Administration (SBA) says low-interest disaster loans are available for Bertie, Chowan, Halifax, Hertford, Martin, Northampton and Washington counties.
Loans of up to $200,000 are available for homeowners who need to replace or repair damaged or destroyed property.
The SBA says businesses and nonprofit organizations can borrow as much as $2 million to replace real estate, machinery and equipment, inventory that may have been damaged.
Economic Injury Disaster Loans are being offered to small businesses, small agricultural cooperatives, small aquaculture businesses and private, nonprofit organizations.
Applicants may be eligible to receive up to 20 percent of their physical damages, according the SBA.
The deadline to submit an application is Dec. 5, 2016. Applications can be submitted on the Small Business Administration’s website.