Direct state disaster loans are intended to help businesses recover from physical losses and economic injury resulting from the hurricanes of 2004. Loans may be provided to meet costs for real and personal property damage and lost revenues which are not otherwise covered and/or reimbursed through federal disaster loans and/or insurance. Loans may also be made to refinance and/or consolidate debts incurred as a direct result of hurricane losses.

Loans from $5,000 to $100,000 may be made based upon completing an application, appropriate documentation of loss, responsible credit history, and apparent ability to repay. Loans will be made for a term of eight (8) years with interest at three percent (3%) per annum. No principal payments will be required for the first three years of the loan and no interest will accrue during that period.

All applications for direct state disaster loans must be received by July 30, 2005. Loans which are declined may be appealed to the Program Administrator at the North Carolina Department of Commerce. Mail completed applications to: SBTDC / ATTN: Rebates / 5 West Hargett Street, Suite 600 / Raleigh, NC 27601-1348