The U.S. Small Business Administration has approved more than $12 million in disaster-assistance loans for residents and business owners in North Carolina affected by Hurricane Irene.

The deadline to return SBA applications for physical property damage is Oct. 31. The deadline to return applications for economic injury is May 31, 2012.

“Currently, 326 home and business disaster loans have been approved in the amount of  $12,106,800 for affected victims,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta. “We are pleased to be able to get these loans approved so residents and businesses in the disaster area may continue to rebuild and resume their normal lives. With the Oct. 31 deadline approaching, I encourage anyone who has not completed their disaster loan application to do so and return it as quickly as possible.”

The SBA offers low-interest disaster loans to disaster victims for physical losses up to its loan limits. The agency can increase approved loans for protective measures to lessen similar future damages. Additionally, small businesses and most private nonprofit organizations can obtain loans for unmet working capital needs.

To be considered for all forms of disaster assistance, those affected by the disaster must first call FEMA at 1-800-621-FEMA (3362) or 800-462-7585 (TTY) for the deaf and hard-of-hearing.