The area was hit hard by severe thunderstorms and flash flooding June 30. The aid comes from the governor's request for a disaster declaration by the U.S. Small Business Administration.
"While I'm inspired by the resilience of those who have been impacted, we want to make all resources available for recovery efforts. We requested this assistance to get the people and businesses of Chapel Hill, Carrboro and surrounding areas back on their feet," said McCrory in a statement.
McCrory has proclaimed a state disaster declaration enabling those who do not qualify for SBA loans to seek state funds to help them recover.
The governor's office said while Orange was the only county that met the threshold for SBA assistance, residents and business owners in the surrounding counties of Alamance, Caswell, Chatham, Durham and Person counties can also apply for the federal assistance.
A U.S. Small Business Administration Disaster Loan Outreach Center will open Friday at the University Mall North Carolina at 201 South Estes Drive, Suite A10 in Chapel Hill. It will be open from 12 p.m. to 6 p.m. on Friday, July 19, then 10 a.m. to 2 p.m. on Saturday, July 20. The center will be closed Sunday, July 21, but will be open next Monday, July 22, through Thursday, July 25, from 9 a.m. to 6 p.m.
Loans up to $200,000 are available through the SBA to homeowners to repair or replace damaged or destroyed structures. Homeowners and renters also are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property such as clothing, appliances, etc. Storm victims in the designated counties who do not qualify for a federal loan may be eligible for a state grant.
Businesses and nonprofit organizations may borrow up to $2 million for physical damage. Working capital loans are also available to small businesses and most private non-profit organizations.
Interest rates are as low as 1.875 percent for homeowners and renters, 2.875 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
Individuals and businesses unable to visit the center can apply via the SBA Customer Service Center at (800) 659-2955 or apply online at https://disasterloan.sba.gov/ela. Members of the deaf and hard-of-hearing community can call (800) 877-8339.