Businesses In Haywood County North Carolina Receive Disaster Aid

Low Interest Government Loans Will Help Business Owners Impacted by Rockslide.

Governor Bev Perdue today announced the U.S. Small Business Administration (SBA) has agreed to provide low-interest government loans to help eligible Haywood County businesses cover normal operating expenses. Several business owners asked the state for financial assistance after they experienced a dramatic decrease in business activity over the past three weeks.

“These federal loans are critical to protect western North Carolina businesses and the families that rely on them for their livelihood,” said Perdue. “I encourage eligible businesses that need extra help to take advantage of this opportunity.”

A major rockslide near the Tennessee border on Oct. 25 has shut down Interstate 40 while crews work to remove the debris and repair the road. Traffic has been rerouted along Interstates 26 and 81.

The SBA’s Economic Injury Disaster Loan (EIDL) program provides loans to help business owners pay bills when their businesses are not producing income.

The EIDL is available even if the business didn’t suffer physical damage; loans are available only to applicants determined by SBA to have no credit available elsewhere.

All Economic Injury Disaster Loans are made at the four percent interest rate with terms up to 30 years. Small businesses may borrow up to $2 million, but specific amounts and terms are set by the SBA based on each applicant’s financial condition.

Several businesses were significantly impacted by the rock-slide detour. The SBA declared Haywood County a disaster area as a result of the rock slide. Under SBA rules, businesses in Buncombe, Henderson, Jackson, Madison, Swain and Transylvania counties that also suffered economic losses as a result of the damaged highway also may be eligible for assistance.

Interested business owners in the impacted area can meet with SBA representatives the first week in December at Disaster Assistance Centers in Clyde and Asheville. The Clyde center will operate from 8 a.m. until 5 p.m. Dec.1-4 at the Clyde Town Hall, located at 8437 Carolina Blvd. in Clyde. The Asheville center will operate from 8 a.m. until 5 p.m. Dec 7-10 at the Buncombe County Emergency Services Center, located at 164 Erwin Hills Rd. in Asheville.

Business owners can also call SBA’s Customer Service Center by calling 1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m. to 9 p.m. and Saturday from 9 a.m. to 5:30 p.m.. Business loan applications can also be downloaded from the SBA’s website at www.sba.gov/services/disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Small businesses, small agriculture cooperatives and most private non-profit organizations affected by the disaster will need to submit to the Small Business Administration:

• a completed SBA Disaster Loan Application (form 5), and

• IRS Tax Information Authorization (Form 8821).

Additional information that may be submitted at a later date includes:

• Most recent three years Federal income Tax Returns

• Monthly sales

• Current personal financial statement

• Balance sheet

• Profit and loss statement

Topics: business, disaster aid, Economic Injury Disaster Loan, EIDL, financial assistance, Governance, Haywood County, loans, natural disaster, North Carolina, operating expenses, rockslide, SBA, Small Business Administration, U.S., United States

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