SMALL BUSINESS DISASTER RELIEF FUND
Please make a tax-deductible donation today in support of Small Business Disaster Relief Fund to help Western North Carolina businesses recover from Hurricane Helene and future disasters. Your donation provides immediate relief, protects jobs, strengthens the local economy, and helps businesses build resilience for future challenges.
Western North Carolina SMALL BUSINESS RECOVERY
Small Business Administration’s Disaster Loan Program
SBA disaster loans help Account for losses not covered by insurance or by the Federal Emergency Management Agency. These include losses the business could have covered if the disaster had not occurred.
The types of loans that are available include:
- Physical damage loans, which cover the repair and replacement of physical assets.
- Economic Injury Disaster Loans, which cover operating expenses after a disaster.
- Mitigation assistance, which provides funding to make improvements that protect against future damage
Business owners can visit the SBA’s website to see if they are eligible.
The loans have 30-year terms at rates not to exceed 4%. The first year, though, carries zero interest as well as deferred payments for a year after the loans are disbursed. There are no prepayment fees or penalties.
But the agency requires collateral for loans of $50,000 or more, with real estate as the preferred collateral. Loans of $200,000 or less will not require the business owner to put up their primary residence as collateral if the owner has other assets of equal value to or greater than the amount of the loan.
The terms now are improved from previous years, after the SBA took action last year to expand eligibility, boost dollars for mitigation and extend deferment for small businesses.
Support BLACK INNOVATION Today!
Invest in Black Innovation by making a tax-deductible donation today! 100% of all donations will be allocated to the development of Charlotte’s 1st Black Innovation Center.
INSPIRED. INNOVATED. READY TO BUILD…