SBA extends deadline for disaster loans in North Carolina
March 3, 2025
ATLANTA – The U.S. Small Business Administration (SBA) is extending the physical damage
loan deadline for disaster declarations aected by the 2024 federal funding lapse. The new
deadline to apply is April 27, 2025.
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.
“One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades
reducing the risk of future storm damage,” said Chris Stallings, associate administrator of
the Oice of Disaster Recovery and Resilience at the SBA. “I encourage businesses and
homeowners to work with contractors and mitigation professionals to improve their storm
readiness while taking advantage of SBA’s mitigation loans.”
