The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in North Carolina of the approaching deadline to apply for federal disaster loans. These loans are designed to mitigate economic losses caused by drought and extreme heat from May 7 to August 2, 2024. The deadline for applications is July 21, 2025.
The affected areas include the counties of Camden, Currituck, Dare, Gates, Pasquotank, and Perquimans in North Carolina, as well as Chesapeake, Suffolk, and Virginia Beach in Virginia.
Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program offers support to small businesses, agricultural cooperatives, nurseries, and private nonprofits with financial losses directly related to the disaster. However, these loans are not available to agricultural producers, farmers or ranchers except for small aquaculture enterprises.
These EIDLs can be used for working capital needs resulting from the disaster even if no physical damage was incurred. The funds may cover fixed debts, payrolls, accounts payable and other bills that could not be paid due to the disaster.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” stated Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Eligible applicants can receive up to $2 million with interest rates as low as 4% for small businesses and 3.25% for private nonprofits. Loan terms can extend up to 30 years with interest not accruing nor payments required until one year after the first loan disbursement. Loan amounts and terms are determined based on each applicant’s financial situation.
Applications can be submitted online at sba.gov/disaster or through SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available for individuals who are deaf or hard of hearing by dialing 7-1-1.
The deadline for returning economic injury applications is July 21, 2025.