The new physical loan damage deadline to apply is April 27, 2025.
The Atlanta office of the US Small Business administration (SBA) explained that the extension is for those affected by the 2024 federal funding lapse.
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 property. Such items include:
- real estate
- machinery
- equipment
- lost 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, which includes clothing, furniture, cars, and appliances.
Homeowners may also 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 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.”
Applicants may call the SBA’s Customer Service Center at (800) 659-2955, visit www.sba.gov/funding-programs/disaster-assistance/physical-damage-loans, or send an email to disastercustomerservice@sba.gov for more information.
