The deadline for businesses and non-profits in North Carolina to apply for Economic Injury Disaster Loans (EIDL) is February 24, 2025.
Why it matters:Â These loans provide critical working capital to help businesses affected by severe storms and flash flooding on May 8, 2024, even if they didn't suffer physical damage. Businesses of all sizes and private nonprofit organizations may borrow up to $2Â million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Eligible counties:Â Gaston, Cleveland, Lincoln, Mecklenburg, and York (SC).
Loan amounts up to $2 million.
Interest rates:Â 4% for small businesses, 3.25% for non-profits.
Use for fixed debts, payroll, accounts payable, and other bills.
Apply here or call (800) 659-2955.
What’s next: Businesses must submit completed applications to the SBA by the February 24 deadline. Assistance is available for those with disabilities via 7-1-1 telecommunications relay services.
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