Feb. 6. Businesses and residents Alexander, Burke, Caldwell, Catawba, Iredell and Lincoln counties affected by storms and tornado on Jan. 9 are eligible to apply for low-interest disaster loans from the Small Business Administration.

The SBA has opened a Disaster Loan Outreach Center in the Catawba County Emergency Services 100 Government Drive, Newton.

It’s open Monday through Friday, 9 am to 6 pm, on Saturdays, 10 am to 2 pm. It permanently closes Feb. 19 at 4 pm.

Background

A “high-end” EF-1 tornado touched down in Catawba County on Jan. 9, killing one person and injuring at least two others during a severe weather outbreak across the Carolinas, the National Weather Service said.

Details

Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.

Loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $100,000 to repair or replace damaged or destroyed personal property.

Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage.

Low interest rates

Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online and receive additional disaster assistance information at sba.gov/disaster.