SPARTA, N.C. (WBTV) - Financial help has now been approved for residents and businesses impacted by the 5.1 magnitude earthquake that shook North Carolina earlier this month.
The U.S. Small Business Administration granted Governor Roy Cooper’s request for a disaster declaration for homeowners and small businesses that suffered damage from the 5.1 magnitude earthquake centered near Sparta in Alleghany County on Aug. 9.
“This SBA approval will provide much-needed help to our homeowners and small businesses who are coping with structural damage from this strong quake,” said Governor Cooper. “Additionally, I have signed a state disaster declaration to provide state-funded assistance for those who don’t qualify for SBA aid.”
The initial damage assessments reported more than 500 structures were impacted by the earthquake.
The SBA damage assessment survey confirmed 43 buildings suffered heavy damage of more than 40 percent of the building’s value, including 38 homes and 5 businesses.
The declaration authorizes low-interest disaster loans to residents and businesses who suffered losses in Alleghany County and the contiguous counties of Ashe, Surry and Wilkes in North Carolina and Grayson County in Virginia.
SBA Disaster Loans provide up to $200,000 to homeowners and up to $2 million to businesses to repair and/or replace damaged property.
Homeowners and renters would also be eligible for loans up to $40,000 to repair or replace damaged personal property.
For those who do not meet the qualifications for an SBA low-interest disaster loan, state individual assistance grants are available.
A disaster recovery center will open Monday afternoon in Sparta for affected residents to apply for assistance.
Residents should call 336-372-2999, to make an appointment so that social distancing can be maintained in the recovery center.
To apply online using the Electronic Loan Application (ELA), visit the SBA’s secure website at https://disasterloanassistance.sba.gov/ .
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing firstname.lastname@example.org.
SBA Economic Injury Disaster Loans to are also available to small businesses to help meet working capital needs caused by the disaster.
Economic Injury Disaster Loan assistance is available to businesses regardless of whether the business suffered any physical property damage.