The U.S. Small Business Administration (SBA) has opened a Business Recovery Assessment Center (BRAC) in Mitchell County to assist those affected by Hurricane Helene. The center, located at Maryland Community College Small Business Center in Spruce Pine, North Carolina, will offer support to business owners, nonprofits, and residents beginning April 2.
SBA customer service representatives will provide information about the disaster loan program, guide applicants through the application process, and offer assistance as needed. Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, stated, "SBA’s Business Recovery Assessment Centers have consistently proven their value to business owners following a disaster."
The SBA offers Economic Injury Disaster Loans (EIDL) to small businesses, small agricultural cooperatives, and private nonprofits with financial losses due to the disaster. Agricultural producers, farmers, and ranchers are generally not eligible, with the exception of small aquaculture enterprises.
EIDLs can cover working capital needs and may be used for expenses such as payroll and fixed debts. Businesses and nonprofits can apply for up to $2 million in physical disaster loans to repair or replace real estate, equipment, and inventory. Homeowners and renters can apply for personal property loans up to $100,000 or up to $500,000 for primary residence repairs. Loan increases of up to 20% of physical damages for mitigation purposes are also available.
Interest rates vary, with terms up to 30 years, and interest accrual and payments being deferred for 12 months. Applications can be submitted online, with further information available at sba.gov/disaster or by contacting SBA’s Customer Service Center.
The deadline for property damage applications is April 27, 2025, while economic injury applications are due by June 30, 2025.