SBA Reopens Deadlines for Physical Damage Loans in Disaster-Affected Areas Impacted by the 2024 Federal Funding Lapse
Release Date: March 1, 2025 Contact: Ka**********@sb*.gov
Release Number: 25-310, NC 20701 Follow us on X, Facebook, Blogs & Instagram
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.
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% 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 Office 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.”
The loan amount can be up to $2 million with interest rates as low as 4% for small businesses, 3.25% for PNPs, and 2.813% for homeowners and renters, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
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 application. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov. The BRC hours of operation are listed below:
Business Resource and Assessment Center (BRAC)
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 (BRC)
Buncombe County
Asheville Chamber of Commerce
36 Montford Avenue
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 (BRC)
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 (BRC)
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 (BRC)
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, visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email di*********************@sb*.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.
###
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
