The coastland times with which is combined the pilot and herald of Belhaven and Swan Quarter. [volume] (Manteo, N.C.) 1959-1973, 1962-03-16
LOANS BEING MADE
By AGENCIES HERE
FOR STORM RELIEF
Small Business Administration Of
fees VIII Open For Bus
inessmen Monday

Individuals and businesses are
expected to struggle back to their
feet again in time for the summer
tourist season on the Outer Banks
with assistance from the various
loan agencies and relief organiza-
tons which are sending representa-
tives into this disaster stricken
area.
Clarence Moore, area administra-
tor for the Small Business Admins
tration has declared the North
Carolina coast as an official disas-
ter area and has wired Governor
Terry Sanfod that an S.B.A. dis
aster office will be opened in the
Manteo Courthouse on Monday and
agents are expected to remain
through Tuesday.
Amy individual, church corpora
ton non-profit organisation or,
partnership that has suffered pro-
perty loss in the areas, as a re-
suit Of the storm, is generally eli
gible 10 file an application for the
loans which win be provided by
the agency at so interest per year.
The maturity Of the loan is geared
to the applicants ability to repay
but in no case can it exceed 20
years, according to John E. Horne,
Administrators for S.B.A.
Under the S.B.A. program. loans
may be made for the restoration
of homes and furnishings by the
owner as such, or homes at resorts
or other places rented to tenants.
Loans may not be made to restore
summer cottages where the owners
occupy them for only portion Of
the year.
Horne has stated that approved
loans for less than $1,000 will be
secured by personal notes. Those
in excess of $1,000 will require
collateral. Where mortgages al
ready exist, second and third mort
cages can be accepted as collateral
in many instances.
In an effort to expedite the re-
building program, in time for the
tourist season, agents from the
E.B.A. will set up shop here to
eliminate the time consuming eva
Iuation process for loans which. or
dinarily requires six months. Pro-
cessing will require two weeks for
completion, according TO Horne, and
individuals who desire loans are re-
quested to contact the S.B.A. rep
resentatives, as quickly as possible,
since there is a limitation on the
time in which applications can be
made.
William M. Speaks, investigator
for the Veterans Administration
has already been in the area to
check on homes covered by the G. !.
Bill and Title SO Of the u. S. Code.
G. /. home owners may defer pay
ments on their homes, obtain fl
nancial aid for repairs and receive
architectural advice through that
agency.
Speaks has stated that anyone
desiring further assistance from the
Veterans Administration should
write to the Loan Guaranty Divi-
sion, ". A. Regional Office, in VIM
ston- Salem.
Farmers and stockmen should
contact George Sturgeon, Co. Supt.
with the Farmers Home Admins
tration for housing loan, which is
available at 40 interest. The loans
are for permanent residents and
do not include rental or business
property. Mr.. Sturgeon is being
assisted by d. G. Modlin, areas SUI
perydsor Tor the Farmers Home
A Administration. Agents from this
bureau may be contacted on Mon
days and Tuesdays between the
hours 81 $50 am. and $50 pm. in
the license examiners room at the
..,,,,-fJ,s,s,ca IN Manteo.