SBA Issues Disaster Loans for Eight North Carolina Counties Impacted by Tropical Depression Chantal

Following the severe flooding and tornadoes caused by Tropical Depression Chantal in early July, the U.S. Small Business Administration (SBA) has approved a disaster declaration for eight North Carolina counties, including Durham, Orange, Alamance, Chatham, Person, and Wake. This declaration unlocks low-interest federal disaster loans for affected homeowners, renters, businesses, and nonprofits to aid in recovery, with loan limits up to $500,000 for primary residence repairs and up to $2 million for business property restoration. The SBA also offers Economic Injury Disaster Loans for businesses facing financial losses without physical damage, and loan increases of up to 20% for mitigation improvements to protect against future disasters. Governor Josh Stein emphasized the relief this assistance provides to families and business owners still recovering from the storm’s impact. Applications are accessible online through the MySBA Loan Portal, with additional support available via the SBA Customer Service Center and local resources. State and federal agencies continue to assess damages and coordinate recovery efforts to support the affected communities.