If your business was impacted by Hurricane Matthew you may be eligible for funding through the NC Small Business Assistance Program, a low-interest disaster loan through the U.S. Small Business Administration (SBA), and/or other resources through the Small Business and Technology Development Center (SBTDC). Read below to find out more about these programs and how to move forward with your recovery.
The North Carolina Department of Commerce has awarded $7.5 million to support the recovery of small businesses located in areas impacted by Hurricane Matthew. The recovery funds are being administered by N.C. Commerce’s Rural Economic Development Division and are provided from Community Development Block Grant (CDBG) Disaster Recovery funds. Three non-profit, small business lending institutions have been awarded the money to expand access to credit for small businesses within Matthew-affected areas.
For inquiries about this program and referral to a participating lender please use the contact below. When reaching out, inform the BLNC representative that you are calling about the Small Business Disaster Recovery Assistance Program, and you will be referred to the lender that best fits your needs.
Business Link North Carolina (BLNC)
The Economic Development Partnership of North Carolina
To inquire about this program directly with a participating lender, contact any of the listed representatives below.
To be an eligible borrower in this program, a business must meet these criteria:
- Meet the standards of a small business as defined in Title 13, Code of Federal Regulations, Part 121 (13 CFR part 121).
- Require funds to recover from Hurricane Matthew-caused damage, especially flooding.
- Have no other source of funds for their unmet needs to meet Matthew recovery costs.
- Have their primary place of business located in Matthew-caused flood-affected areas of North Carolina, especially the counties of Robeson, Cumberland, Edgecombe, and Wayne.
Eligible Uses of Funds
- Financing for payment of interior and exterior repairs and property improvements.
- Financing for furniture, fixtures, and equipment, purchase and installation of equipment.
- Using grant or loan financing to pay for working capital or to pay for marketing costs, operating expenses, and inventory.
For more information and procedures regarding the Small Business Recovery Assistance Program, see the additional resources below:
Low-interest disaster loans are available for businesses of all sizes, as well as private non-profit organizations. Money can be used to repair or replace property, machinery, equipment, inventory or business assets.
Apply online using the U.S. Small Business Administration (SBA) secure website at https://disasterloan.sba.gov/ela. For more details call SBA Customer Service Center at 1-800-659-2955 or email to email@example.com.
To be considered for any disaster assistance, you must register online at www.DisasterAssistance.gov or call the FEMA toll-free helpline at 1-800-621-3362.