U.S. Small Business Administration NEWS RELEASE DISASTER FIELD OPERATIONS CENTER EAST
Release Date: March 1, 2025 Contact: Karen.Knapik@sba.gov Release Number: 25-310, NC 20701
SBA Reopens Deadlines for Physical Damage Loans in Disaster Affected Areas Impacted by the 2024 Federal Funding Lapse Helene Relief Still Available for North Carolina Businesses and Residents
ATLANTA – The U.S. Small Business Administration (SBA) is extending the physical damage loan deadline for disaster declarations affected by the 2024 federal funding lapse. The new deadline to apply is April 27, 2025.
Affected Areas: 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.
Loan Eligibility and Terms:
Businesses and nonprofits may borrow up to $2 million for repairing or replacing disaster-damaged assets (real estate, equipment, inventory, etc.).
Homeowners can apply for up to $500,000 to repair/replace primary residences.
Renters and homeowners may borrow up to $100,000 for personal property (clothing, furniture, appliances, etc.).
Mitigation loans (up to 20% of verified damages) are available for upgrades like storm shelters, wind-resistant doors, and structural improvements.
Interest Rates:
4% for small businesses
3.25% for private nonprofits (PNPs)
2.813% for homeowners and renters
Repayment Terms:
Up to 30 years.
No interest accrual or payments due until 12 months after the first loan disbursement.
Business Recovery Centers (BRCs) and Assistance SBA representatives are available at the following locations (walk-ins accepted; appointments can be scheduled at appointment.sba.gov):
Business Resource and Assessment Center (BRAC) Business Recovery Center (BRC) Buncombe County A-B Tech Enka Small Business Center 1465 Sand Hill Road, Suite 1060 Candler, NC 28715 Hours: Mon-Fri, 8 a.m. – 5 p.m. Buncombe County
Asheville Chamber of Commerce 36 Montford Avenue Asheville, NC 28801 Hours: Mon-Fri, 9 a.m. – 6 p.m. Sat, 9 a.m. – 3 p.m. Mitchell County
Mayland Community College Small Business Center 67 Hotel Ave Spruce Pine, NC 28777 Hours: Mon-Fri, 8 a.m. – 6 p.m. Sat, 9 a.m. – 3 p.m. Watauga County
Appalachian Enterprise Center 130 Poplar Grove Connector Boone, NC 28607 Hours: Mon-Fri, 8 a.m. – 6 p.m. Sat, 9 a.m. – 3 p.m.
Yancy County Old ABC Store 677 US Hwy 19E Bypass Burnsville, NC 28714 Hours: Mon-Sat, 9 a.m. – 6 p.m.
Additional Information FEMA Collaboration: Survivors are encouraged to apply for both FEMA grants and SBA loans simultaneously.
Apply Online: SBA.gov/disaster
Phone: (800) 659-2955
Email: disastercustomerservice@sba.gov
For hearing/speech disabilities: Dial 7-1-1 for relay services.
Deadline for Physical Damage Applications: April 27, 2025
About the U.S. Small Business Administration The SBA supports small businesses and disaster recovery through resources, loans, and partnerships. Learn more at www.sba.gov.
