SBA Provides Loans To Residents And Businesses Affected By November Storm | Govt. and politics

The Small Business Administration is offering loans to residents and business owners in parts of the Hickory area affected by a storm in November, according to a press release from the agency.

Low-interest loans are being offered in Alexander, Catawba, Caldwell, Iredell and Wilkes counties to cover damage from the remnants of Tropical Storm Eta on November 12.

Businesses and nonprofits are eligible for loans of up to $ 2 million.

In addition to compensating damaged property, the SBA also offers loans to build working capital for most nonprofits and small businesses, even though those businesses have not suffered any property damage, according to the. communicated.

Homeowners can receive up to $ 200,000 to repair property damage. Homeowners and tenants will also be able to obtain up to $ 40,000 to cover damage or destruction of personal property.

Loan applications covering property damage must be submitted by February 2, 2021, while loan applications covering only working capital will be due by September 7.

Kevin Griffin is the Hickory Town reporter for the Hickory Daily Record.