The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in North Carolina about the upcoming deadline of July 21 to apply for federal disaster loans. These loans are intended to mitigate economic losses resulting from Hurricane Helene, which occurred between September 27 and October 1, 2024.
The disaster declaration encompasses numerous counties across North Carolina, as well as certain counties in Georgia, South Carolina, Tennessee, and Virginia. Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is accessible to small businesses, small agricultural cooperatives, nurseries, and private nonprofits that have suffered financial losses directly related to the hurricane. However, agricultural producers such as farmers or ranchers are not eligible unless they operate small aquaculture enterprises.
EIDLs are designed to address working capital needs caused by the disaster and can be used even if there was no physical damage to the business or nonprofit. The funds may cover fixed debts, payroll expenses, accounts payable, and other bills that could not be paid due to the hurricane.
"Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover," said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. "We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters."
Eligible applicants can receive up to $2 million with interest rates as low as 4% for small businesses and 3.25% for private nonprofits. Loan terms can extend up to 30 years with no interest accruing or payments required until one year after the first loan disbursement date. The specific loan amounts and terms will depend on each applicant’s financial situation.
Applications can be submitted online at sba.gov/disaster. Additional information is available through SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1 for those who are deaf or hard of hearing.
The final date for submitting economic injury applications is July 21, 2025.