ASHEVILLE, N.C. (828newsNOW) — If you need help with your business, home or rental after damage from Tropical Storm Helene, try the U.S. Small Business Administration.
The SBA has extended the deadline for physical damage loan applications to April 27, 2025, for disaster declarations impacted by the 2024 federal funding lapse. The extension offers businesses, nonprofits, homeowners and renters in affected areas additional time to access low-interest loans aimed at repairing and rebuilding after disaster-related damages.
These loans are a little different, U.S. Small Business Administration Public Affairs Specialist Joevan Palmer said.
“With our loans, you have 12 months before your first payment is due or before any interest kicks in. But I get it. A loan is a loan,” Palmer said. “But at the same time, you have 12 months to make a decision. You have a whole year to think about it.”
The disaster declaration covers Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Cabarrus, Caldwell, Catawba, Cherokee, Clay, Cleveland, Forsyth, Gaston, Graham, Haywood, Henderson, Iredell, Jackson, Lee, Lincoln, Macon, Madison, McDowell, Mecklenburg, Mitchell, Nash, Polk, Rowan, Rutherford, Stanly, Surry, Swain, Transylvania, Union, Watauga, Wilkes, Yadkin and Yancey counties, as well as The Eastern Band of the Cherokee Indians.
Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars and appliances.
Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Applicants may also be eligible for a loan increase of up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind-rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.
Loan officers are available to help people work through their options, Palmer said. Approval is not based on a credit score. It’s based on credit history.
“We do know that there’s people who just haven’t applied. Our deadline has been extended to April 27, so that gives us more time to get the messaging out,” Palmer said.
There’s still time to apply. And SBA representatives will be in the area until about the end of June.
“Just apply. See what happens,” Palmer said. “We give you 12 months before any interest or payments are due. And I think a lot of people don’t know that part. And that’s the biggest part. You have 12 months to kind of just figure things out. Maybe just put the money into a savings account. And if you don’t need it by month 12, just take that money and just pay it back.”
SBA customer service representatives will be on hand at four Business Recovery Centers and a Business Resource and Assessment Center to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their applications. Walk-ins are accepted, but you can schedule an in-person appointment here.
The BRC hours of operation are:
Business Resource and Assessment Center
Buncombe County
A-B Tech Enka Small Business Center
1465 Sand Hill Road, Suite 1060
Candler, NC 28715
Hours: Monday-Friday, 8 a.m. to 5 p.m.
Closed: Saturday and Sunday
Business Recovery Center
Buncombe County
Asheville Chamber of Commerce
36 Montford Ave.
Asheville, NC 28801
Hours: Monday-Friday, 9 a.m. to 6 p.m.
Saturday, 9 a.m. to 3 p.m.
Closed: Sunday
Business Recovery Center
Mitchell County
Mayland Community College Small Business Center
67 Hotel Ave.
Spruce Pine, NC 28777
Hours: Monday-Friday, 8 a.m. to 6 p.m.
Saturday, 9 a.m. to 3 p.m.
Closed: Sunday
Business Recovery Center
Watauga County
Appalachian Enterprise Center
130 Poplar Grove Connector
Boone, NC 28607
Hours: Monday-Friday, 8 a.m. to 6 p.m.
Saturday, 9 a.m. to 3 p.m.
Closed: Sunday
Business Recovery Center
Yancy County
Old ABC Store
677 US Hwy 19E Bypass
Burnsville, NC 28714
Hours: Monday-Saturday, 9 a.m. to 6 p.m.
Closed: Sunday
With the changes to FEMA’s Sequence of Delivery, survivors are now encouraged to simultaneously apply for FEMA grants and the SBA low-interest disaster loan assistance to fully recover. FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources.
The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition.
To apply online, click here. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return applications for physical property damage is April 27, 2025.
A Disaster Recovery Resources Expo is set for 10 a.m.-2 p.m. Saturday, March 29, at the A-B Tech Enka Small Business Center, 1465 Sand Hill Road, Suite 1060, Candler.