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SBA offers loans to homeowners, businesses hit by NC earthquake

By The Associated Press

The damage caused by a historic earthquake in Sparta is worse than originally thought, officials said. The damage caused by a historic earthquake in Sparta is worse than originally thought, officials said.

By The Associated Press

SPARTA, N.C. — The federal government will begin offering low-interest loans to homeowners and small business owners who were impacted by North Carolina’s earthquake.

The Winston-Salem Journal reports that the U.S. Small Business Administration will begin offering the loans on Monday.

RELATED: More aftershocks recorded after 5.1 magnitude earthquake rattles NC

More than 500 structures were reported to be damaged by the 5.1-magnitude earthquake on Aug. 9 near the town of Sparta in the northwestern part of North Carolina.

The loans will be available in Alleghany, Ashe, Surry and Wilkes counties as well as Grayson County in Virginia.

Damage from Sparta earthquake worse than originally thought, officials say

An SBA damage assessment survey has confirmed that 38 homes and five businesses experienced heavy damage of more than 40% of the building’s value.

The SBA loans were requested by Gov. Roy Cooper as part of a disaster declaration. Loans can be made up to $200,000 to homeowners and up to $2 million to businesses that suffered damage.

Cox Media Group

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