SBA offers disaster loans to drought-impacted businesses in the Cape Fear

WILMINGTON, NC (WWAY) — Businesses and private nonprofit organizations impacted by drought may be eligible for low-interest federal disaster loans through the U.S. Small Business Administration.

The SBA has made Economic Injury Disaster Loans available to eligible businesses and organizations in 30 North Carolina counties, including Bladen, Brunswick, Columbus, Pender and New Hanover counties.

The loans are designed to provide working capital for operating expenses resulting from the drought.

Eligible applicants may qualify for up to $2 million in assistance. Interest rates are as low as 4 percent for small businesses and 3.625 percent for private nonprofit organizations, with loan terms of up to 30 years.

The SBA says there will be no interest or required payments during the first 12 months following disbursement.

In addition to small businesses and private nonprofits, eligible applicants may include certain agricultural cooperatives, aquaculture businesses and nurseries.

The deadline to apply for Economic Injury Disaster Loans is March 10, 2027.

Businesses and organizations can apply online at sba.gov/disaster. Applicants with questions can also contact the SBA Customer Service Center at 800-659-2955.

The assistance is also available to eligible businesses and organizations in four Virginia counties: Carroll, Grayson, Patrick and Southampton.