Deadline Arrives For Sandy Disaster Loans

Jan 7, 2013

Monday is the final day for victims of Hurricane Sandy on the Outer Banks to apply for disaster loans. The Small Business Administration is accepting damage claims until the end of the day from Dare, Currituck, Tyrrell and Hyde Counties. Business and home owners are eligible for up to $200,000 to replace damaged real estate or $40,000 for personal property. Dare County Emergency Management Director Nathaniel Sanderson says the Outer Banks avoided the kind of damage the storm brought to the Northeast in October.

Nathaniel Sanderson: "There were some cottages that were certainly undermined, and then we lost a lot of the pools, walkovers and structures of that nature. But as far as structural damage, it was minimal."

The Small Business Administration says residents should not wait for an insurance settlement to submit an application. The agency offers loans to homeowners and renters with an interest rate as low as 1.7 percent.