The U.S. Small Business Administration (SBA) has announced an extension for the deadline to apply for physical damage loans in areas affected by the 2024 federal funding lapse. The new deadline is set for April 27, 2025.
The disaster declaration encompasses numerous counties, including 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 can apply for business physical disaster loans up to $2 million to repair or replace damaged real estate and other assets. Homeowners and renters may borrow up to $100 000 for personal property replacement or repair with homeowners eligible for up to $500 000 for their primary residence.
Eligible applicants may receive a loan increase of up to 20% of their verified physical damages for mitigation purposes. Chris Stallings associate administrator of the Office of Disaster Recovery and Resilience at the SBA stated "One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage."
Loan amounts can reach $2 million with interest rates as low as 4% for small businesses 3.25% for PNPs and 2.813% for homeowners and renters over terms up to 30 years. Interest does not accrue nor are payments due until a year after the first loan disbursement.
SBA customer service representatives will be available at four Business Recovery Centers (BRC) and a Business Resource and Assessment Center (BRAC) to assist with applications answer questions about the disaster loan program explain processes and help complete applications. Walk-ins are welcome but appointments can be scheduled at appointment.sba.gov.
In light of changes to FEMA’s Sequence of Delivery survivors are encouraged to apply simultaneously for FEMA grants and SBA low-interest disaster loans ensuring comprehensive recovery efforts.
Applications can be submitted online at SBA.gov/disaster or through contact with SBA’s Customer Service Center via phone or email. The filing deadline remains April 27 2025.