North Carolina Homeowners, Businesses Hit by Earthquake Eligible for SBA Loans

The federal government will begin offering low-interest loans to homeowners and small business owners who were impacted by North Carolina’s earthquake.

The Winston-Salem Journal reports that the U.S. Small Business Administration will begin offering the loans on Monday.

More than 500 structures were reported to be damaged by the 5.1-magnitude earthquake on Aug. 9 near the town of Sparta in the northwestern part of North Carolina.

The loans will be available in Alleghany, Ashe, Surry and Wilkes counties as well as Grayson County in Virginia.

An SBA damage assessment survey has confirmed that 38 homes and five businesses experienced heavy damage of more than 40% of the building’s value.

The SBA loans were requested by Gov. Roy Cooper as part of a disaster declaration. Loans can be made up to $200,000 to homeowners and up to $2 million to businesses that suffered damage.